In what has been an unprecedented year, Barclays has continued to deliver a strong proposition that has not only supported existing customers but has also enabled new ones to achieve their BTL ambitions. For example, the impact of COVID on the rental sector has put greater emphasis on the use of personal and rental income as part of affordability, and as this remains a foundation of Barclays BTL policy, it has allowed customers to access the mortgage they need during this challenging period.
In addition, Barclays have supported customers through the extension of mortgage offers and with new criteria to support those who’s income and expenditure has been impacted by COVID, meaning a more tailored and personal approach has been applied.
Despite a strong focus on supporting existing clients, Barclays have still delivered positive changes to help new customers, such as the removal of the 2 year minimum UK residency requirement, meaning that as long as the applicant has permanent rights to reside in the UK, they can look to get a BTL mortgage with the bank. Barclays also continues to offer a maximum 35-year term for BTL Interest Only clients, which has been popular since it was implemented.
Wholesale changes to documentary requirements have also been made by the bank, such as the removal of bank statements to verify a customer’s employed income and changes have been made to their mortgage application system so that it more closely links in with policy and requirements, meaning that it is simpler and easier to do business with the bank.
Barclays consistently strong buy-to-let product rates, and continued product innovation, continues to demonstrate its commitment to the buy-to-let sector on behalf of its intermediary partners and their landlord clients.