Brilliant Solutions

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!

Important Barclays Product Update

We’re pleased to confirm we’re making a large volume of significant rate reductions to products across our Residential Purchase, Remortgage and Reward ranges effective tomorrow, Tuesday 8th June.

These changes will also see us launch two attractive 90% LTV purchase only 2 Year Fixed rates including a fee free option that comes with £500 cashback. Additionally, we’re expanding our innovative Barclays Green Home Mortgage range* with the launch of a highly competitive 80% LTV fee free 2 Year Fixed product.

Please see below for key highlights and please take the time to review our rate overview document (enclosed below) to gain a full picture of all changes.

Key change highlights:

New product Introduction

New Residential purchase

  • New – 2.87% 2 Year Fixed, £999 product fee, 90% LTV, Loans £5k – £570k
  • New – 3.30% 2 Year Fixed, £0 product fee, £500 cashback, 90% LTV, Loans £50k – £570k

Barclays Green Home Mortgage* (New Build Purchase)

  • New – 1.97% 2 Year Fixed £0 fee, 80% LTV, Loan £5k – £2m

Reduced rate products launching

Reduced Residential purchase

  • 1.24% 5 Year Fixed, £999 product fee, 60% LTV, Loans £5k – £2m – reducing to 1.19%
  • 2.27% 5 Year Fixed, £999 product fee, 80% LTV, Loans £5k – £2m – reducing to 2.12%
  • 3.72% 5 Year Fixed, £0 product fee, 90% LTV, Loans £5k – £570k – reducing to 3.45%

Reduced Residential remortgage

  • 1.08% 2 Year Fixed, £999 product fee, 60% LTV, Loans £5k – £2m – reducing to 1.05%
  • 1.24% 5 Year Fixed, £999 product fee, 60% LTV, Loans £5k – £2m – reducing to 1.19%
  • 1.30% 2 Year Fixed, £999 product fee, 75% LTV, Loans £5k – £2m – reducing to 1.18%

Reduced Residential product transfer Reward rate 

  • 1.24% 5 Year Fixed, £999 product fee, 60% LTV, Loans £5k – £2m – reducing to 1.19%
  • 1.08% 2 Year Fixed, £999 product fee, 60% LTV, Loans £5k – £2m – reducing to 1.05%
  • 1.30% 2 Year Fixed, £999 product fee, 75% LTV, Loans £5k – £2m – reducing to 1.18%

For full details of all product changes, please view our Rate Overview. Please also view our updated Intermediary and Reward rate sheets, for full details of all our lending products, effective from tomorrow.

Key product change timings confirmed**

  • Existing products: Final date for generating a Mortgage Information Sheet (MIS) Monday 7th June, 2021
  • Last rate switch (product transfer) applications on existing Reward range products: Tuesday 8th June, 2021
  • Last new lending applications on existing products: Wednesday 16th June, 2021

Thank you for your continued support

*Important reminder – Barclays Green Home Mortgages

To be eligible for one of our Green Home products, The home must be a new build and have an energy efficiency rating of 81 or higher, or be energy efficiency band A or B.

There’s no other specific eligibility criteria, and the application process is the same as with any other purchase, but applicants will need one of the following to prove the property’s energy efficiency rating

  • For fully built properties, a valid Energy Performance Certificate (EPC)
  • A valid Predicted Energy Assessment (PEA) certificate if the property is still being built

House builders can verbally confirm the property’s energy efficiency rating straight away, and applicants can use this to progress their application. They’ll still need to send us an eligible EPC or PEA, and should aim to do this as soon as possible. We won’t be able to complete their mortgage without one of these documents.

Find out more

**How to reserve and submit an application on a product due to change, you’ll need to follow the three steps, outlined below:-

 1.    You will need to have a Mortgage Information Sheet (MIS), at the latest, dated today Monday 7th June, on the product and loan terms you are recommending to your client, either using our Barclays systems or your preferred sourcing tool

2.    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, Tuesday 8th June, the products due to change won’t be available for selection

3.    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, Wednesday 16th June, to enable your case to be submitted and avoid disappointment

Rate Switch (Product Transfer)
For rate switch applications, the existing Reward range products due to change, 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, Tuesday 8th June, at the latest.

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