Barclays extends ‘Great Escape’ range for B2L
Landlords sitting on a standard variable rate mortgage can move onto 2-year fixes at 3.65% to 60% LTV and 4.15% to 75% LTV with no application fee, free legals and valuations.
Landlords can also profit from £400 cashback to cover the cost of their existing lender’s exit fee.
Andy Gray, managing director of mortgages for Barclays, said: “With market speculation that the base rate will remain the same for some time, landlords who may feel trapped on their existing standard variable rate, can take advantage of lower rates today without many of the up-front costs sometimes associated with remortgaging a buy-to-let property.
“Our new buy-to-let ‘Great Escape’ deals are aimed at landlords who might worry it would cost them too much to move to better rates elsewhere.
“We estimate there are almost 200,000 landlords who could save £4,440 per year by switching from their existing lender’s SVR to our 2-year ‘Great Escape’ at 3.65%.
“We hope that the Buy-To-Let ‘Great Escape’ improvements announced today will help stimulate the re-mortgage market further.”
On its residential range Barclays has also launched two 2-year fixes at 1.75% to 60% LTV.
The products are for loans up to £2m and £3m with application fees of £1,999 and £3,499 respectively.