Barclays Update

Barclays mortgage product changes

Following a review of our current offering, please be advised we are making changes to a number of products across our Residential Purchase and Remortgage ranges effective tomorrow, Thursday 9th June, 2022.

These changes which include rate withdrawals, rate increases plus the launch of some new products are fully detailed on our rate overview guide.

Please see below for a selection of the new products that are launching, along with the key information you need to know if you are currently in the process of recommending to your clients, a product that is scheduled to change.

New product highlights

Residential Purchase and Remortgage Fixed rates

• 2.79% 2 Year Fixed  £999 product fee, 85% LTV, Min loan £5k, Max loan £2m
• 2.89% 7 Year Fixed  £999 product fee, 60% LTV, Min loan £5k, Max loan £2m
• 2.82% 10 Year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £1m

Residential Remortgage Fixed rates

• 3.10% Great Escape™ 2 Year Fixed  £0 product fee, 60% LTV, loans £50k – £2m
• 3.05% Great Escape™ 5 Year Fixed  £0 product fee, 75% LTV, loans £50k – £2m

Residential Purchase Fixed rates

• 2.98% 2 Year Fixed  £0 product fee, 60% LTV, Min loan £5k, Max loan £2m

• 3.35% Mortgage Guarantee 5 Year Fixed  £0 product fee, 95% LTV, Min loan £25k, Max loan £570k

Important information – How to secure a current rate before it changes

If you are in the process of recommending a rate to your clients that is listed as changing on the rate overview guide, you can still secure this rate, even if you’re not in a position to finalise and submit your application today.

To secure a rate, the only actions you need to have completed today are to have saved the product in the Barclays application system and generated a Mortgage Information Sheet (MIS). You then have a period of time to secure a case booking and submit the application. Our case booking limit will be refreshed overnight, with new bookings available from tomorrow. Full details on the actions required to submit an application on a rate to be withdrawn are detailed below.

We’re currently reviewing cases within 5 working days

To support us to offer you the best possible service at this busy time, we ask that you please wait 5 working days, should you need to contact us to discuss a submitted case.  Please note, you can view our case tracking tool, accessible from the My Cases section on the homepage of the Barclays Intermediary HUB, at any time, should you require a case update, and you can also keep up to date with our current service levels by visiting the Barclays intermediary website.

Action required today to secure the rate:-

• Generate a MIS – you need to have a Mortgage Information Sheet (MIS) generated for the loan required on the required rate, dated (at the latest) today – Wednesday 8th June 2022. You can generate a MIS either using our Barclays systems or your preferred sourcing tool
• Select and save the rate – you must also ensure you have selected and saved the required product within our application systems today, as it will not be available for selection from tomorrow

Action required by last application date, Friday 17th June:-

• Secure a case booking – to successfully submit the application you will require a case booking in our application system.  A limited number of bookings are available daily – you have until Friday 17th June to book your case and submit
• Submit your application – you will need to submit your application on or prior to the last application date to qualify for the product – the last application date for these products is Friday 17th June.

Please see our new Intermediary and Reward rate sheets, to view the full range of Barclays mortgage products, effective from tomorrow.

Key product change timings

• Existing products: Final date for generating a Mortgage Information Sheet (MIS) Wednesday 8th June, 2022
• Last new lending applications on existing products: Friday 17th June, 2022