Here are the latest updates from Barclays. These products are available via our direct to lender mortgage club which offers you payment on completion and a lot more besides!
Important base rate information
Following the announcement today, the Bank of England base rate has increased to 4.00%.
All our new lending and product transfer products currently available for application, track the Bank of England base rate (BEBR) – either initially (offset and tracker rates) or upon reversion.
Therefore, please note that from tomorrow, Friday 6 November, the reference rate for these products will increase to 4.00% and the rate sheets and affordability calculators on our intermediary website will be updated in due course.
Existing Barclays tracker rate mortgage holders will see the changes take effect from Tuesday 1 December and we will notify these customers of what these changes mean for their mortgage rate and monthly payments.
Mortgage Charter and support for your customers
Barclays is fully committed to helping our mortgage customers and has signed up to the Charter.
As part of the Mortgage Charter, customers with an eligible residential mortgage can apply to reduce their mortgage payments by either switching to an interest-only mortgage for six months or extending their mortgage term. Customers can apply for either of these options without an affordability check, and we won’t (negatively) report it to credit reference agencies.
Customers must remember, that whilst taking either Mortgage Charter support option will decrease their payments today, it will increase the amount of interest paid and their total mortgage cost over the full term of the mortgage. For customers taking a 6-month interest only switch, their monthly payments will be higher than before once the support ends and the mortgage reverts to repayment.
View our updated rate sheet here.
We’re reducing rates
From tomorrow, Tuesday 3 November, we are reducing a selection of products across our residential purchase, remortgage and reward ranges.
Please see the rate overview guide for information of all our product changes.
You can access the full range of Barclays mortgage products on our rate sheets via our Intermediaries website, which will be updated tomorrow.