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Barclays increases buy-to-let mortgage proc fees by 0.05%

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  • 03/02/2017
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Barclays has increased buy-to-let procuration fees by 0.05% in a bid to ‘recognise the additional work involved in sourcing, advising and completing a buy to let mortgage.’

The fees have increased from today on all purchase and remortgage business regardless of the varying fees paid by different clubs and networks. This reflects the market changes introduced on 1 January, it said.

The lender considers both personal and rental income in its affordability assessment.

“The approach helps clients with a broad range of income types achieve their aspirations,” it said.

A Barclays spokesperson said: “We are aware from our regular contact with brokers and intermediaries of the increase in their workload in sourcing, advising and completing buy-to-let mortgage applications and following a review of our BTL procuration fees we have decided these are to be more closely aligned with the market. Barclays does not differentiate on mortgage rates regardless whether the customer applies via a broker/ or intermediary or direct with Barclays Mortgages.”

Specialist buy-to-let broker Adam Hosker, managing director of Bespoke Finance Direct said he appreciated the extra £50 for every £100,000 borrowed, although he didn’t expect other lenders to raise proc fees because the Barclays move brings the lender in line with the market.

Last week, the lender slashed fees and rates down to ‘best-ever’ levels on its buy-to-let range.

Barclays slashes buy-to-let rates and introduces fee-free deals

Highlights from the reduced range include a two-year fixed mortgage at 2.09% with a 1% fee; a two-year tracker at a rate of 2.09% and £1,500 fee; and a five-year fix at 2.99% with a 1% fee, all at 75% LTV. Barclays is also introducing a new 2.99% 10-year fix at 65% LTV with a £2,000 fee.

 

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