Mortgages

Barclays withdraws almost all mortgage products above 60% LTV

The move leaves around 35 products available, almost all with LTVs of 60% or less.

Rozi Jones
|
25th March 2020
Barclays
"Regrettably it has been necessary to withdraw a further selection of products across our residential and buy-to-let ranges."

Barclays is temporarily withdrawing over 60 mortgage products from the market.

In a note to brokers, Barclays announced that most of the products removed are above 60% LTV across its residential and buy-to-let ranges.

The move leaves around 35 purchase products available, almost all with LTVs of 60% or less, alongside a range of rate switch and remortgage rates.

Yesterday, Barclays withdrew all portfolio buy-to-let products and announced a daily limit on broker applications.

As a result of the coronavirus pandemic, the Bank has closed two underwriting sites which has limited the number of applications it is currently accepting.

A spokesperson for Barclays said: “Regrettably it has been necessary to withdraw a further selection of products across our residential and buy-to-let ranges.

“This action has been taken to support us in managing the flow of applications into our UK underwriting teams following the closure of our key offshore sites.

“At the same time it enables our colleagues to provide greater help to those customers requesting mortgage payment holiday arrangements for financial support.

“We expect to launch a fresh range of residential and buy-to-let products shortly and we apologise for any inconvenience this causes in the interim.

“We currently have a number of purchase products available for customers with low LTVs of 60% or less in addition to Family Springboard mortgage and our Wealth & International mortgage range.”

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