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!
Barclays Greener Home Reward extended to help more UK mortgage customers
The Barclays Greener Home Reward registrations have been extended to the end of January 2024. The scheme, which was introduced in November 2022, offers a cash reward of up to £2,000 to eligible Barclays residential mortgage customers who make selected energy efficiency-related home improvements, such as certain types of low carbon heating, double or triple-glazed windows, solar panels, and home insulation.
It’s an example of how Barclays is helping to support the transition to a low-carbon economy – a key part of the bank’s climate strategy.
This comes as new research by Barclays and Ipsos of nearly 3,000 homeowners found that many overestimate the cost of common energy efficiency-related works. As a result, and despite record energy bills over the winter months, 55% of homeowners do not feel confident making their homes more energy efficient, while 33% have ruled out making energy efficiency-related modifications altogether.
Barclays has partnered with Phil Spencer, Property Expert and TV Presenter, to provide insight to homeowners on getting started with making their homes more energy efficient.
How Barclays is supporting customers in the UK to make greener choices
The Barclays Sustainability Hub contains insight and support to provide homeowners with tools, resources and content on sustainability-related topics. The bank continues to develop green and sustainable banking products, including green mortgages, bonds, loans and investment funds eligible under its Sustainable Finance Framework.
The Greener Home Reward complements the Barclays Green Home Mortgage and Green Home Buy-To-Let Mortgage, which provides discounted interest rates to customers purchasing more energy efficient new build homes.
Barclays also recently announced a strategic partnership with British Gas, focusing on helping customers explore ways they could make their homes more energy efficient.
Changes to Barclays Intermediary Terms and Conditions
We are writing to let you know we are changing the intermediary terms and conditions on which you do business with us (“Barclays”) that will come into effect on Wednesday 9th August.
We carry out regular reviews of our Terms for compliance with applicable laws, rules and regulations. As part of a recent review, the Terms have been updated to make clearer the laws relating to anti-bribery and anti-money laundering. Additionally, clauses have also been added for terms of use of the online platform (clause 5) and Consumer Duty obligations (Schedule 1). We have also updated variation clause 15.13.
With effect from Wednesday 9th August, our new terms and conditions (the “2023 Terms”) will govern your intermediary relationship with us and replace the existing terms currently in force between us. By submitting a mortgage application on or after Wednesday 9th August you will be deemed to have accepted our 2023 Terms and be bound by those terms for any applications submitted on or after that date.
The 2023 Terms will also be available to view on our website. Should you not wish to be bound by the 2023 Terms, you must cease submitting mortgage applications altogether before Wednesday 9th August.
You may also request to be removed from our introducer panel by emailing [email protected]
Important: Base Rate Change Information
Following the announcement today the Bank of England base rate has increased by 0.25% to 5.25%.
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 4th August 2023, the reference rate for these products will increase to 5.25% and the rate sheets and affordability calculators on our intermediary website will be updated in due course accordingly.
Any rate changes for existing Barclays tracker rate mortgage holders will come into effect from Friday 1st September 2023 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 a 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.
Where you can go for more information
We expect customers may want to seek guidance from you, their trusted advisor, so we have put together an overview of the Charter, the options available, and how to apply on our intermediary website.
Help with mortgage payments
If your clients are worried about making their next monthly payment, please ask them to call us on 0333 202 7407* so we can look at the best way to support them. We’re here Monday to Thursday, from 8am to 8pm, Fridays from 8am to 6pm and Saturdays from 9am to 1pm.
Additional support
Reminder – We accept rate switch (product transfer) applications up to 180 days prior to existing product maturity providing your clients even greater assurance and peace of mind, by supporting them to secure a new rate even sooner.
We’ll arrange for the new rate to automatically take effect as soon as their current rate ends, if this is within 180 days.
Rates from our preferential Reward range are exclusively available to existing Barclays mortgage customers for product transfers and further borrowing.