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Barclays Update

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!

Product communication

Happy New Year

Life in the mortgage market is rarely dull with 2020 proving itself to be an unforgettable year.

The challenges we all faced were unexpected, multi-dimensional and – at times – pretty daunting. But, as an industry, obstacles have been overcome, some tough lessons have been learned and I think we have somehow managed to emerge even stronger.

The housing and mortgage market has shown unparalleled resilience through 2020 and we remain in a strong lending position. If recent announcements are anything to go by, 2021 will undoubtedly be just as challenging a year across the intermediary market as well, however I remain cautiously optimistic for the opportunities that the year ahead has to offer.

We remain committed to supporting you and your clients, and are pleased to confirm we’re kick starting 2021 by making a number of positive changes to our Residential and Reward ranges, effective, Thursday 7th January, 2021

Key change highlights
In addition to making rate reductions across a selection of our 60%, 75% and 85% Purchase and Remortgage rates, we’re launching two new competitive 90% LTV 2 Year Fixed products, available for loans between £5k – £500k.

Good news – These products will complement our existing 90% LTV 5 Year Fixed rates and we’re pleased to confirm, in addition to first-time buyers, from Thursday 7th January, all of our 90% LTV purchase rates will be made available for next time buyers and they will continue to be eligible for  New Build house purchases also.

Key rate change highlights        

  • New – 3.55% 2 Year Fixed, £999 fee, 90% LTV (Purchase Only)
  • New – 3.75% 2 Year Fixed, £0 fee, 90% LTV (Purchase Only)
  • Reduced – 1.44% 2 Year Fixed, £999 fee, 75% LTV (Purchase and Remortgage)

Other product news
In addition to changing rates and launching new products, we’re aligning the cashback offered across our Residential Remortgage range, including the introduction of £250 cashback on our Switch & Save ‘Own Solicitor’ products. We’re also extending the end dates on all fixed rate products (including Buy to Let) to 31st May. To secure an existing rate, prior to the changes that will take effect from tomorrow, please refer to the guidance at the end of this email

Note – some products are increasing in rate, and for some remortgage products, the cashback offer will be reducing, so for full details of all the product changes, you can view our rate change overview and our new Intermediary and Reward rate sheets, for our range of new lending products.

Key product change timings confirmed*

  • Existing products: Final date for generating a Mortgage Information Sheet (MIS) Wednesday 6th January, 2021
  • Last rate switch (product transfer) applications on withdrawn Reward range products: Thursday 7th January, 2021
  • Last new lending applications on withdrawn products: Wednesday 15th January, 2021            

Thank you for your continued support

Product communication

We are pleased to confirm we’re making a further number of positive changes to products across our Residential Purchase, Remortgage and Reward ranges, effective tomorrow, Thursday 14th January, 2021 

Key purchase change highlights

These changes will see us reduce a selection of our 60%, 80% and 85%  2 and 5 Year fixed rates by as much as 0.18% and in addition, we are reducing the rates on each of our 90% LTV 2 and 5 Year Fixed rates (available for FTB’s and next time buyers for all property types, including New Build) which includes a 0.17% reduction to our 5 Year Fixed with a £999 fee making it comparable to many 2 Year Fixed deals available within the market.

Key purchase rate change highlights        

  • Reduced – 3.55% 2 Year Fixed, £999 fee, 90% LTV – reducing to 3.48%
  • Reduced – 3.75% 2 Year Fixed, £0 fee, 90% LTV  – reducing to 3.72%
  • Reduced – 3.65% 5 Year Fixed, £999 fee, 90% LTV – reducing to 3.48%
  • Reduced – 3.79% 5 Year Fixed, £0 fee, 90% LTV – reducing to 3.72%

Key remortgage change highlights

To support your clients coming to the end of their existing product, or those simply looking to review their current remortgage options, we’re also reducing the rates on a selection of our 2 and 5 Year Fixed rates including two of our £0 product fee Great Escape products, which come with a free non-disclosed valuation, free legals and £250 cashback or £350 cashback if your client opts to use their own solicitor.

  • Reduced – 2.08% Great Escape 2 Year Fixed, £0 fee, 75% LTV – reducing to 1.88%
  • Reduced – 2.82% 5 Year Fixed, £999 fee, 85% LTV  – reducing to 2.71%
  • Reduced – 1.79% Great Escape 5 Year Fixed, £0 fee, 60% LTV – reducing to 1.69%

*cashback offered on our Premier Great Escape products is £400 or £500 if the client opts to use their own solicitor.

Note – Our Family Springboard Mortgage products are increasing in rate so for full details of all the product changes, you can view our rate change overview and our new Intermediary and Reward rate sheets, for our range of new lending products, effective from tomorrow.   

Key product change timings confirmed*

  • Existing products: Final date for generating a Mortgage Information Sheet (MIS) Wednesday 13th January, 2021
  • Last rate switch (product transfer) applications on withdrawn Reward range products: Thursday 14th January, 2021
  • Last new lending applications on withdrawn products: Friday 22nd January, 2021     

Thank you for your continued support

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