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 announce some positive changes to our residential lending criteria effective from today, Friday 7 May.

The changes, fully detailed below, include an enhancement to our bonus criteria to support greater affordability across your employed client base and also, for your non-UK national clients, we’re reducing the documentation we require when processing their applications.

Bonus enhancements
We’re increasing the proportion of quarterly/annual bonus used to support affordability from 25% to 50%. You don’t need to do anything differently when recording bonuses during an application; the system will automatically apply the relevant calculations.

This policy will be in effect from Friday 7 May:

  • New cases, created from today, Friday 7 May, will be subject to the new policy with 50% of bonus utilised in affordability (where applicable)
  • Where applicable, existing cases created before 7 May, will continue to be assessed under the policy in place at the time the case was initiated

Requirements for non-UK nationals

All non-UK and Non-RoI nationals are required to prove their residency status in the UK.

From Friday 7 May the following documents will no longer be requested for residential mortgage applicants who have permanent rights to reside or pre-settled status and have lived in the UK for at least 2 years:

  • Proof of deposit;
  • Three months’ bank statements;
  • Three months’ payslips.

Note: If applicants do not have permanent rights to reside or pre-settled status and/or have not lived in the UK for at least 2 years these documents are still required and need to be submitted at point of application in order to avoid delays.

Please be advised the affordability calculator on our website have been updated to reflect the changes.                      

Thank you for your continued support

Barclays mortgage product changes

Following a review of our current offering, please be advised we’re launching new Premier exclusive rates and making changes to a selection of products within our existing Residential, Buy to Let and Reward ranges, effective tomorrow, Friday 14th May, 2021

Please see below for a summary of key changes and please review our rate overview guide for full details of all product changes including those being increased, withdrawn or amended.

New Residential Purchase Only Premier Exclusive* products

  • New – 2.45% 2 Year Fixed, £699 fee, 85% LTV, Loans £5k – £2m
  • New – 1.55% 5 Year Fixed, £599 fee, 75% LTV, Loans £5k – £2m

*To qualify for these products, your clients must hold a Premier Banking relationship with BarclaysJoint applications only require one applicant to meet the criteria.                   

Reduced Residential purchase and remortgage rate     

  • Reduced – 1.65% 2 Year Fixed, £1,999 fee, 75% LTV, Loans £2m – £5m – reducing to 1.35%
  • Reduced – 1.67% 5 Year Fixed, £999 fee, 75% LTV, Loans £5k – £2m – reducing to 1.55%

Reduced Residential product transfer Reward rate 

  • Reduced – 1.38% 2 Year Fixed, £999 fee, 75% LTV, Loans £5k – £2m – reducing to 1.30%
  • Reduced – 1.67% 5 Year Fixed, £999 fee, 75% LTV, Loans £5k – £2m – reducing to 1.55%

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) Thursday 13th May, 2021
  • Last rate switch (product transfer) applications on existing Reward range products: Friday 14th May, 2021
  • Last new lending applications on existing products: Saturday 22nd May, 2021
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