Barclays stops lending to portfolio landlords and increases rates

Barclays has withdrawn its product for portfolio landlords and hiked rates across a range of buy-to-let deals in a bid to manage demand.

The bank is no longer offering a two-year fixed deal up to 75% loan to value (LTV) to portfolio landlords, although it does plan to launch a replacement product in the near future. 

Barclays has also increased rates across its buy-to-let range.

It's 60% LTV two-year fix for buy-to-let purchases and remortgages has increased to 1.85%, up from 1.55%. This product is subject to a 1% arrangement fee. 

The five-year fix buy-to-let purchase deal available at up to 75% has increased by 0.2% to 2.3%, and has a  £1,295 product fee. 

Meanwhile, two- and five-year fixed rates at 75% LTV for remortgage only have increased from 2.25% to 2.45%. Both products have an arrangement fee of £1,795.

An email sent by Barclays to brokers said: “[The price increases] further ensure our ability to continue to effectively manage the flow of applications we receive, and provide you and your clients with a consistent level of service.”

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