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 mortgage product changes
Please be advised we’re updating a selection of our Residential new lending rates exclusively available for your clients with a Barclays Premier Banking relationship, and also making some changes to a number of products within our Existing Mortgage Customer (EMC) Reward range. These changes are effective from tomorrow, Friday 27th November, 2020.
As a reminder, to qualify for a Premier exclusive, your client must hold a Premier Banking relationship with Barclays. In the case of joint applications, we require only one applicant to meet the criteria.
Key Premier changes:
To enable more of your clients with a Barclays Premier Banking relationship to qualify for exclusive rates, we’re introducing a selection of higher LTV products to replace our existing Residential ‘Premier Exclusive’ options.
New Premier Excusive products
- New – 1.75% 2 Year Great Escape Fixed, £0 fee, 60% LTV (remortgage only)
- New – 1.62% 7 Year Fixed, £749 fee, 75% LTV (Purchase and remortgage)
- New – 2.19% 2 Year Tracker, £999 fee, 80% LTV (Purchase and remortgage)
Products to be withdrawn
- 1.65% 2 Year Great Escape Fixed, £0 fee, 50% LTV (remortgage only)
- 1.62% 7 Year Fixed, £499 fee, 60% LTV (Purchase and remortgage)
- 1.92% 3 Year Fixed, £499 fee, 75% LTV (Remortgage only)
Important – In addition, please be advised we are making a number changes, including rate increases, to a selection of products within our Existing Customer Reward range.
For full details of all the product changes, you can view our rate change overview and our new Intermediary and Existing Mortgage Customer (EMC) Reward rate sheets, effective from tomorrow.
Key product change timings confirmed*
- Existing products: Final date for generating a Mortgage Information Sheet (MIS) Thursday 26th November, 2020
- Last rate switch (product transfer) applications on withdrawn Reward range products: Friday 27th November, 2020
- Last new lending applications on withdrawn products: Saturday 5th December, 2020
*How to reserve and submit an application on a product due to change, you’ll need to follow the three steps, outlined below:-
- You will need to have a Mortgage Information Sheet (MIS), at the latest, dated today Thursday 26th November, on the product and loan terms you are recommending to your client, either using our Barclays systems or your preferred sourcing tool
- It’s important that you access your clients’ application and ensure that you have progressed to a stage where the recommended product has been selected from the drop down list and is saved in the application today, as from tomorrow, Friday 27th November, the products due to change won’t be available for selection
- Finally, although you won’t require a successful case booking to reserve the product today, you will require a booking by the time you come to submit the application. We therefore recommend that you aim to secure a case booking in advance of the last application date, Saturday 5th December, to enable your case to be submitted and avoid disappointment
Rate Switch (Product Transfer)
For rate switch applications, the Reward range products will be removed from selection in our Online Intermediary Rate Switch service, accessible in the Barclays Intermediary Hub, at the close of business tomorrow. Therefore rate switch applications on these products need to be submitted by tomorrow, Friday 27th November, at the latest.