Barclays and The Cambridge have revamped their buy to let ranges, as The Cambridge launches new products whilst Barclays begins to take buy to let applications from first time buyers and non owner occupiers.
As The Cambridge attempts to remain competitive it has revamped its buy to let range. It now offers a two-year fixed rate buy to let mortgage at 2.29 per cent, at up to 75 per cent loan to value (LTV). A five year fixed rate is also available at 2.99 per cent up to 75 per cent LTV.
The Cambridge’s buy to let mortgage services are available on properties in Bedfordshire, Buckinghamshire, Cambridgeshire, Essex, Hertfordshire, Norfolk, Northamptonshire and Suffolk.
Product manager Dan Barker commented on the additions to the range: ‘These new products are the lowest rates we have ever offered on our buy to let and 5 Year Fixed ranges. These are available via our direct and intermediary channels and reinforce our commitment to supporting borrowers with fabulous deals going into 2018.’
In addition to this, Barclays is now taking buy to let applications from new groups, including first-time buyers and non owner occupiers. Customers will no longer need to own a residential property when purchasing or remortgaging an additional buy to let home with Barclays. The subject property cannot be lived in by the borrower or a family member.
A letter sent to brokers revealed that the move takes place today. There is no further change to the lender’s current buy to let mortgage application process. The change will have an impact on all existing pipeline applications.
The note for brokers reads: ‘This change offers an alternative way of helping first time buyers get onto the property ladder. For example, a young professional currently working and renting in an area with higher than average house prices, such as London, might be looking to purchase a property to rent out as an investment in a more affordable part of the UK, without having to move themselves.’