Barclays, through its mortgage arm Woolwich, is extending its range of buy to let mortgages to 75 per cent loan to value (LTV), including a five year fix at 4.99 per cent.
The 75 per cent LTV range also includes a two year fixed rate at 4.39 per cent and a lifetime tracker at base + 3.49 per cent. The new deals come with a £1,999 application fee. At 60 per cent loan to value, the two year fixed rate of 3.88 per cent will be maintained.
Andy Gray, head of mortgages for Barclays, said: “The demand from buy to let investors has picked up in recent months as many people in the UK opt to rent for longer. We’ve also seen increased appetite from investors looking to remortgage. As one of the UK’s largest lenders we recognise the importance of supporting this market further. The five year fixed deal we are offering at 75 per cent LTV is highly competitive and will give investors the stability they need over the longer term.”
The minimum loan available at 75 per cent LTV is £50,000 and the maximum is £1 million. Borrowers will be assessed for the mortgage in line with Barclays standard lending policy and using our rental calculation – this requires the annual rent to cover 125 per cent of the annual mortgage interest, for tracker mortgages it is calculated at 4.99 per cent.
For existing Woolwich buy to let borrowers and new borrowers looking to purchase further properties at or below 60 per cent LTV our policy remains the same but for new applications submitted over 60 per cent LTV there will be a property cap of four properties.
