Barclays Update

More good news – further to the reductions made last week, we’re pleased to confirm some more positive product changes across our Residential Purchase, Remortgage and Reward ranges effective tomorrow, Thursday 17th June, 2021 

These changes include the launch of a 0.99% 2 Year Fixed Reward rate product for existing Barclays mortgage customers looking to either rate switch or take further borrowing. In addition, to support your clients looking to benefit from the Mortgage Guarantee Scheme, we are reducing our existing 2 Year Fixed by 0.20% to further support this important initiative.

Please see below for details of all Residential product changes.

New product launching

Reward (available for Product Transfers and Further Borrowing)

• 0.99% 2 Year Fixed, £1,250 product fee, 60% LTV, Loans £5k – £2m

Existing products reducing 

Residential purchase

• 2.32% Premier 2 Year Fixed, £699 product fee, 85% LTV, Loans £5k – £2m reducing to 2.30%
• 1.55% Premier 5 Year Fixed, £599 product fee, 75% LTV, Loans £5k – £2mk reducing to 1.41%

Barclays Mortgage Guarantee Scheme

• 3.79% 2 Year Fixed £0 fee, 95% LTV, Loan £25k – £570k reducing to 3.59%

Residential purchase & remortgage

• 2.32% 2 Year Fixed, £999 product fee, 85% LTV, Loans £5k – £2m reducing to 2.30%
• 1.55% 5 Year Fixed, £999 product fee, 75% LTV, Loans £5k – £2m reducing to 1.41%

Reward

• 1.55% 5 Year Fixed, £999 product fee, 75% LTV, Loans £5k – £2m reducing to 1.41%            

Please be advised that these are the only changes and no products are being withdrawn or increasing in rate.Please view our updated intermediary and Reward rate sheets, for full details of all our lending products, effective from tomorrow.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) Wednesday16th June, 2021
• Last rate switch (product transfer) applications on existing Reward range products: Thursday 17th June, 2021
• Last new lending applications on existing products: Friday 25th June, 2021

*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 Wednesday 16th 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, Thursday 17th 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, Friday 25th June, to enable your case to be submitted and avoid disappointment

4.     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, Thursday 17th June, at the latest.