With the recent industry congratulations on the success of buy to let mortgages, it is not surprising that Barclays has announced to change its buy to let mortgages against a higher rate of 5.79% albeit just to stress test.
A spokesperson from the bank commented they are introducing a new single affordability rate (which will come into effect on Monday 19 May) for all buy-to-let transactions to â€œensure consistency across all productsâ€.
The reasoning behind the decision is apparently to ensure customers can afford their mortgage payments and to withstand whatever may happen with the interest rates in the future.
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The full article can be found here.