Barclays is encouraging landlords sitting on a standard variable rate mortgage to move to a better rate, by extending the ‘Great Escape’ remortgage package to its existing buy-to-let range.
The launch of the buy-to-let ‘Great Escape’ package will be of particular value to landlords currently on a standard variable rate who believe that switching to a better rate would not be to their benefit due to the costs involved.
With no application fee, free legal work and valuation and £400 cashback to cover the cost of their existing lender’s exit fee, landlords can now switch to Barclays without being out of pocket.
The new competitive package offers two-year fixed rate deals at 3.65% (60% LTV) and 4.15% (75% LTV).
In addition, the “Switch and Save” £200 cashback has been extended and is now available across all buy-to-let mortgages.
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.”