Barclays Buy To Let Mortgage
As a bank holding company, Barclays Plc conducts business in the areas of wealth management, corporate and investment banking, credit cards, and retail banking. Barclays UK and Barclays International are the two divisions through which the business is run. The UK retail banking operations, UK consumer credit card business, UK wealth management business, and corporate banking for smaller enterprises are all included in the Barclays UK division. The corporate banking business, the investment bank, the domestic and international card operations, and global wealth management are all part of the Barclays International division. Barclays has its headquarters in London, United Kingdom, where it was established on July 20, 1896.
What is a Barclays Buy To Let Mortgage?
Buy-to-let mortgages are made to assist you in purchasing a home that you are interested in renting out to other people as opposed to residing in yourself. The amount you can borrow often depends on the rental revenue you anticipate receiving from renters, though in some cases we may take other income into account. A larger down payment is typically required for a buy-to-let mortgage.
In addition to Woolwich, Barclays provides a range of buy-to-let mortgage options to meet various property rental needs. With a Barclays buy-to-let mortgage, you may choose between fixed-rate and tracker-rate buy-to-let mortgage options, allowing you to choose the buy-to-let mortgage option that best suits your needs.
How easy is it to get a Barclays Buy To Let Mortgage?
While applying for a mortgage to buy a rental property is similar to applying for a mortgage to buy a primary residence, the qualifying requirements will vary. For instance, if you apply for a buy-to-let mortgage, you'll need a larger down payment, often 25% of the property's worth, and the interest rate will likely be higher. The lender will also take into account your specific situation, including the number of rental properties you currently own and the total amount of debt you owe. The minimum age to apply for a Barclays Buy-To-Let Mortgage is 21. The other applicants must be 18 years of age or older if you're thinking about submitting a joint application. For a buy-to-let mortgage, you don't need to own a home, and you can apply alone or with up to three other people as long as you're not a part of a business.
Barclays also provide a professional application manager to assist you with every step of the buy to let mortgage application procedure in order to make things simpler for landlords.
BTL products available with Barclays
Fixed Rate. One of the most common types of mortgage is a fixed-rate loan. In essence, it means that your interest rate is fixed at a certain amount for a specific amount of time. If you want to know how much you'll be paying for the foreseeable future, this is an excellent option.
Fixed-rate mortgages from Barclays can have terms of two to ten years. You'll pay the exact same amount in interest each month during that time. Your mortgage will switch to Barclays' usual variable rate after the fixed-rate period is over.
Tracker Rate. Every month, a tracker rate for a mortgage may increase or decrease. Usually, the Bank of England Base Rate is used to set the rate. The Bank of England provides banks and lenders with this rate. Eight times a year, it is evaluated.
Your interest rate may increase or decrease if you have a Barclays tracker rate mortgage. You can choose how long you want to stay on a tracker rate, and you may have greater leeway with overpaying for your mortgage.
If you have additional money available and want to pay off your mortgage as quickly as possible, you might wish to make overpayments.
The rate you are on will determine how much you can overpay on your Barclays mortgage. For the majority of mortgages with all UK lenders including other prominent BTL lenders such as NatWest, the annual overpayment limit is 10% of the entire value of the property. You can pay an infinite amount at some rates as well. By reviewing your mortgage documentation, you can determine how much you can overpay.
How do I get a Barclays Buy To Let Mortgage?
First you need to get an Agreement in Principle. Every mortgage lender need this as proof that you can actually afford the loan you're seeking for. It gives mortgage lenders confidence that you will pay your monthly mortgage payments, and is sometimes referred to as a decision in principle.
You can submit an online application for your agreement in principle (AIP) with Barclays or with another mortgage company. Since it doesn't necessitate a thorough credit check, this won't impact your credit score. Instead, simple inquiries about your yearly earnings and typical expenses will be made of you.
Your AIP should be returned to you right away, and it is then good for 90 days. It won't ensure that you'll receive a mortgage offer from Barclays, but it should give you an accurate idea.
If you're curious how long it will take to get a Barclays mortgage, there are a few things to consider. The procedure usually takes two weeks. Barclays will check your paperwork, finish the property value, and handle any underwriting during this time.
Depending on how crowded the real estate sector is and whether you've submitted all the necessary documentation, it can take more time or less time. Mortgage offers are only good for six months after they are made to you. You might be able to request an extension if the process of purchasing a house takes longer than this. On the day of completion, Barclays will distribute the monies to either you or your attorney.
Barclays BTL Criteria
- Minimum age at application is 21
- Maximum age at application is 74
- Maximum age at end of mortgage term is 80
- Maximum Loan To Value is 75%
- Minimum income requirement is £25,000
- Barclays DO NOT lend to Ltd companies
- Minimum loan size is £35,000
- No minimum property value
- Portfolio landlords accepted
- Remortgaging for debt consolidation is not acceptable
- Regulated BTL's (let to family member) not acceptable
- HMO's are acceptable
- No minimum or maximum room requirements for HMO's
- Holiday Lets are not accepted
- Properties next to food, drink and entertainment establishments are unlikely to be accepted on valuation