Barclays increases LTV on B2L to 75%
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Barclays, through its mortgage arm Woolwich, has increased the LTV on its buy-to-let range to 75%, up from 60%.
The 75% LTV range includes a two-year fixed rate at 4.39% and a lifetime tracker at base + 3.49%, as well as a five-year fix at 4.99%.
The new deals come with a £1,999 application fee.
At 60% LTV the two-year fixed rate of 3.88% will be maintained.
Andy Gray, head of mortgages for Barclays, says: “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 minimum loan available at 75% LTV is £50,000 and the maximum is £1m.
Borrowers will be assessed for the mortgage in line with Barclays standard lending policy and using its rental calculation - this requires the annual rent to cover 125% of the annual mortgage interest, for tracker mortgages it is calculated at 4.99%.
For existing Woolwich buy-to-let borrowers and new borrowers looking to purchase further properties at or below 60% LTV its policy remains the same but for new applications submitted over 60% LTV there will be a property cap of four properties.
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Readers' comments (2)
john crisp | 2 Nov 2011 10:18 am
great news, about time the TMW/BM/SOLS strangle hold was put under pressure
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Jon T | 2 Nov 2011 11:19 am
Good to see Woolwich step up to the plate on Buy to Let as well as residential.
As you say John, TMW and BM have been allowed to get away with ridiculously expensive products for too long now. Maybe they'll start pricing more reasonably now there some halfway sensible competition, though time will tell.
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