Barclays targeting landlords with super-low 1.52% buy-to-let mortgage
Barclays for Intermediaries is offering some of the most competitively priced buy-to-let fixed rates for property purchases and remortgages.
The bank’s lowest rate available to landlords is fixed at 1.52% until 31 April 2021. At the end of this period, it reverts to the lender's variable rate of 4.49% over the Barclays Bank base rate, currently 5.24%. The overall cost for comparison is 4.81% APRC representative.
The mortgage has a £1,795 arrangement fee and applicants will need a 40% deposit to qualify. The maximum loan size is £1 million and mortgage offers are valid for six months.
Aaron Strutt, product director at Trinity Financial, says: “Many of the lenders have lowered the price of their fixed rates and there are some really cheap rates available. Barclays lowest five-year buy-to-let fix is 0.77% more expensive than its 2.79% two-year mortgage.”
Representative example: A capital and interest mortgage of £250,000 payable over 25 years, initially on a 2.79% fixed rate until 30/04/2021 and then on a variable rate of 5.24% for the remaining 23 years, would require 23 monthly repayments of £1,002.19 followed by 277 monthly repayments of £1,457.94. The total amount repayable would be £1,212,174.08 made up of the loan amount, plus interest (£430,130.75) and £1,795 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 4.81% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a buy-to-let mortgage
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