Barclays Mortgage Product Changes
We are making positive changes across our Residential new lending and Reward ranges.
At a glance, these changes include 2, 5 and 10 year fixed rate reductions plus we are extending the end dates on all our fixed rate products to 30th June and are effective from tomorrow, Wednesday 1st March 2023
New product change highlights
- Reduced – 4.30% 2 Year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £2m will reduce to 4.18% – available for Residential Purchase and Remortgage
- Reduced – 4.08% 5 Year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £2m will reduce to 4.00% – available for Residential Purchase and Remortgage
- Reduced – 4.13% 5 Year Fixed £999 product fee, 75% LTV, Min loan £5k, Max loan £2m will reduce to 4.09% – available for Residential Purchase and Remortgage
Please note: In addition to fixed rate reductions, we are increasing the rate on one of our existing two year tracker products. For full details of all product changes, we recommend you view our rate overview guide.
Securing an existing product confirmed as changing or being withdrawn
To qualify for a product, a MIS needs to have been generated, on or before the date of withdrawal (Tuesday 28th February) either using our Barclays systems or your preferred sourcing tool and must be submitted prior to the last application date – Wednesday 1st March for rate switch (product transfer) and Thursday 9th March for new lending applications.
Please be advised that upon withdrawal, the products will be removed from the dropdown options within our application services. Therefore, for new lending applications you will need to ensure the product has been selected and saved in the application today (you then have until Thursday 9th March to secure a case booking and submit).
For rate switch (product transfer) applications, you will need to ensure the application is submitted in the Barclays Intermediary HUB by tomorrow, Wednesday 1st March, at the latest.
Barclays Bank UK PLC acquires Kensington Mortgage Company Limited
In June, as a further sign of our long-term commitment to the UK mortgage market, Barclays confirmed its intention to acquire Kensington Mortgage Company (KMC), subject to regulatory approval.
We’re pleased to confirm that the formal acquisition has taken place and, from today, Kensington is now fully part of the Barclays Bank UK PLC Group.
Kensington has a proud 25-year history supporting the specialist lending sector. We’re delighted that Kensington have joined us and are very excited about the opportunities for growth for both our businesses. It’s an exciting opportunity for us to support even more homeowners in the UK.
What does this mean for you?
While Kensington are part of Barclays Group, all our mortgage operations including product, policy, systems and support services will continue to run independently of each other.
For ease and simplicity, this means you should continue to work with each brand as you today, noting that Barclays teams will only have the access and ability to support with any aspect of a Barclays mortgage, and likewise, Kensington teams will only be able to support you with the Kensington proposition.
In the meantime, we thank you for your ongoing support to both Barclays and Kensington.