The fixed-rate additions range from 60% loan-to-value (LTV) to 80% LTV. Highlights from the range include a five-year fix at 2.33% at 60% LTV with a fee of £1,499 and a minimum loan size of £5,000, and a five-year buy-to-let fixed rate up to 75% LTV with no fee and a minimum loan size of £35,000.
The cuts apply to 12 fixed-rate products within LTV brackets of 60% to 90% with one tracker rate reduction. This applies to the two-year 80% LTV product which brings the rate down to 1.92% (Bank Base Rate + 1.42%). The product has a fee of £999.
Barclays has made a number of changes to its lending policy this summer. Last week it reduced the threshold at which the 5.00 times income multiple cap applies down to loans of £175,000 from the previous loan size of £200,000.
The lender also introduced an affordability assessment for buy-to-let applicants to calculate whether they had disposable income which could be used to bolster rental income calculations. Barclays reported that after an early assessment of the applications received using disposable income, wealthier landlords were taking advantage of the changes.
