Barclays Great Escape packages previously only available to the residential market are now to be rolled out to buy-to-let landlords.
Effective from the 18 November it will allow landlords to switch to a better rate free of charge with no application fee. It also offers free legal work and valuation and £400 cashback to cover the cost of their existing lender’s exit fee. The package offers two-year fixed rate deals at 3.65% 60% Loan To Value (LTV) and 4.15% to 75% LTV.
Andrew Montlake director of Coreco Group welcomed Barclays’ decision to extend the deal to the buy-to-let market. “It is positive for the market that more lenders are now starting to look to buy-to-let, offering incentives such as free legal work and valuations which were previously only seen in the residential market. Having more choice in this arena will benefit everyone.”
The switch and save £200 cashback will now also be available to landlords. Andy Gray, managing director of mortgages for Barclays, said: “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.”
The loans are offered with no application fee, free legals and valuations with £400 cashback to cover the cost of the exit fee for leaving their current lender. Last month the buy-to-let Mortgage Costs Index from Mortgages for Business reported that competition in the market was forcing buy-to-let lenders to cut charges and fees.
