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 withdrawals
We are currently experiencing high demand for our products so to ensure we can efficiently process your business during this period, please be advised that we’re withdrawing a selection of 2yr and 5yr fixed rate products (listed below) from our existing Residential and Buy to Let Purchase and Remortgage ranges, effective today, Monday 9th May, 2022.
If you are in the process of recommending a rate communicated for withdrawal
We understand that service experience is important to you and your clients, and in an effort to maintain our service levels, we limit the number of new case bookings available each day so we can ensure a steady flow of applications into our operational teams. Please be aware that we have already reached our daily booking limit today, however it’s important to note that the absence of a case booking today doesn’t impact your ability to secure a rate that is due to be withdrawn, it simply means that if you don’t already have a case booking for an application on one of these rates, you may not be able to submit it today.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 Full details on the actions required to submit an application on a rate to be withdrawn are detailed below.
The following products are being withdrawn today:-
Residential Purchase and Remortgage Fixed rates
- 2.32% 2 Year Fixed £999 fee, 85% LTV, Loans £5k – £2m
- 2.55% 5 Year Fixed, £999 fee,85% LTV, Loans £5k – £2m
Residential Purchase Fixed rates
- 2.67% 5 Year Fixed £999 fee, 90% LTV, Loans £5k – £570k
Buy to Let Purchase and Remortgage Fixed rates
- 2.65% 2 Year Fixed £0 fee, 75% LTV, Loans £35k – £1m
We’re currently reviewing cases within 5 working days
Please review our current service levels published on our intermediary website and please consider the timelines to assess both Residential and Buy to Let cases – currently five working days – before you contact us for an update on a submitted case.
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, you can still secure this rate, even if you’re not in a position to finalise and submit your application today.
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 – Monday 9th May 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, Tuesday 17th May:-
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 – if you’re unable to secure a booking today, don’t worry, you have until Tuesday 17th May 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 Tuesday 17th May.
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) Monday 9th May, 2022
- Last new lending applications on existing products: Tuesday 17th May, 2022