Mortgages

Barclays withdraws portfolio buy-to-let range

The Bank has closed two underwriting sites which has limited the number of applications it is currently accepting.

Rozi Jones
|
24th March 2020
Barclays
"We are withdrawing all portfolio landlord products and regret that we are no longer accepting these applications at the present time."

Barclays has confirmed that it is withdrawing all portfolio buy-to-let products and is no longer accepting new 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.

In a note to brokers, Barclays said: “These withdrawals are in addition to the measures communicated earlier to further help us manage the inbound flow of applications following the closure of two of our offshore underwriting sites over the past weekend.

“We are withdrawing all portfolio landlord products and regret that we are no longer accepting these applications at the present time.

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

Speaking to Financial Reporter, a Barclays spokesperson said: "As the coronavirus pandemic continues to escalate, over the weekend you’ll have seen that restrictions have been put in place across India that means our key location sites have closed.

"This has resulted in a reduction in our overall capacity, which coupled with the fact we have continued to receive high volumes of applications over recent weeks, means that this is having an operational impact on our business and the service that we’re offering to our customers. So we’re making some adjustments to our products and support functions to ensure that we can service our customers as best way possible, under the unprecedented circumstances."

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