Barclays to raise prices of residential and buy-to-let

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Barclays will raise the prices of many residential and buy-to-let mortgages as it seeks to pass on increases to its cost of funding.

The lender says it will make the changes tomorrow on its residential, buy-to-let and Reward ranges.

A Barclays statement says: “The cost of funds have steadily increased over recent weeks and as a result, we have seen a number of our competitors increase their rates.”

Yesterday NatWest announced a similar move, increasing rates on selected fixed-rate deals across its core, semi-exclusive and buy-to-let mortgage ranges.

Lenders have been adapting to the end of two Government schemes that ensured a supply of cheap funding.

The Funding for Lending Scheme, introduced during the 2012 credit crunch, came to an end on 31 January.

The Bank of England closed its £140bn Term Funding Scheme on 28 February.

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