Barclays has extended its Great Escape remortgage package to its existing buy-to-let range.
The new package offers two-year fixed rate deals at 3.65% (at 60% LTV) and 4.15% (at 75% LTV).
There is no application fee, free legal work and valuation, and £400 cashback to cover the cost of the existing lender’s exit fee.
In addition, the “Switch and Save” £200 cashback has been extended and is now available across all buy-to-let mortgages.
Meanwhile, for homebuyers looking at larger loans, Barclays has launched two new products with a two year fixed rate of 1.75%. These rates are available for loans up to £2m and £3m with a 60% LTV and a fee of £1,999 and £3,499 respectively.
In addition, Barclays is making a number of rate reductions to its two, five and 10-year fixed rate products, as well as increasing the cashback from £200 to £400 across the residential Great Escape range, available for a limited period.
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. They come with no application fee, free legal work and valuation and £400 cashback to cover the cost of the exit fee for leaving their current lender.
“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 two-year Great Escape at 3.65% (60% LTV). We hope that the buy-to-let Great Escape improvements announced today will help stimulate the re-mortgage market further.”
