Barclays refuses to offer buy-to-let borrowers a payment holiday
Landlords who have a buy-to-let mortgage with Barclays will not be offered a repayment holiday, despite government guidance to offer borrowers a payment referral of up to three months as a consequence of the COVID-19 pandemic.
The bank says that the support is primarily available to residential mortgage borrowers, with buy-to-let landlords not considered to be a priority.
A spokesperson for Barclays said: “This is an unprecedented and ever-changing situation, we are constantly reviewing how we best support all of our customers and are working on an appropriate solution and will provide an update later this week.”
Barclays introduces fresh rate cuts
Barclays has introduced a new set of rate reductions to its buy-to-let and residential ranges. In total, there have been 19 changes, with cuts of up to 0.13%.
In Barclay’s BTL section for purchase and remortgage, the 60% loan-to-value (LTV) two-year fix with £1,795 product fee has had its rate cut from 1.42% to 1.37%.
Barclays recently launched a new five-year fixed rate buy-to-let product at 75% LTV. The purchase only deal is available at 2.19% and is subject to a £1,295 product fee. Last month, the lender cut its 75% LTV two-year fixed rate deal from 1.68% to 1.65%. This deal is subject to a £1,795 fee and a maximum loan value of £1m.
Craig Calder, director of mortgages at Barclays, said: “The new reductions we have announced will ensure we continue to offer a highly competitive fixed rate range that provides certainty of payments.”