10 year fixed BTL rate at 2.99% from Barclays

Barclays is launching a range of Buy to Let fixed rates with the headline grabber product being a 10 year fixed at 2.99% with a £2000 fee up to a maximum of 65% Loan to Value (LTV).

Other rates to be offered include:

• 2.09% 2 year fixed max 75% LTV with a 1% fee or 2.79% with no fee
• 2.99% 5 year fixed max 75% LTV with a 1% fee
• 2.79% 2 year tracker max 75% LTV fee free

Income/Affordability Stress Testing:

To comply with new PRA rules Barclays no longer relies on a separate rental income figure to stress test affordability. The minimum income requirement is £25,000 for sole applicants and for joint applicants at least one must earn this figure per annum.

Barclays then assesses both personal and rental income to combine with an affordability calculation which includes all rental costs and individual tax liability based on the new Section 24 rules and an assumed pay rate of 5.5%.

Barclays Mortgages Director, Craig Calder said “we are providing greater choice to individual landlord investors across the UK than ever before who are looking to purchase or remortgage rental properties. Barclays also considers both personal and rental income for affordability purposes, helping individuals with a variety of income types to achieve their landlord aspirations.”

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