Important Barclays Product Update
Good news – To ensure we continue to support you and your clients with a wide range of competitve options, we’re reducing the rate on some selected products within our existing Residential and Reward ranges, effective tomorrow, Thursday 20th May, 2021
Please see below for details of all product changes.
Residential Purchase & Remortgage
- 1.22% 2 Year Fixed, £999 fee, 60% LTV, loans £5k – £2m will decrease to 1.08%
- 2.49% 2 Year Fixed £999 fee, 85% LTV, Loans 5k – £2m will decrease to 2.32%
- 1.40% 5 Year Fixed £999 fee, 60% LTV, Loans £5k – £2m Max will decrease to 1.24%
- 2.45% Premier* 2 Year Fixed (Purchase Only), £699 fee, 85% LTV, loans £5k – £2m will decrease to 2.32%
*To qualify for the Premier product, your clients must hold a Premier Banking relationship with Barclays. Joint applications only require one applicant to meet the criteria.
Residential Reward range
- 1.22% 2 Year Fixed, £999 fee, 60% LTV, loans £5k – £2m will decrease to 1.08%, available for Rate Switch (Product Transfer) and Further borrowing
Please be advised that these are the only changes and no products are being withdrawn or increasing in rate.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) Wednesday 19th May, 2021
- Last rate switch (product transfer) applications on existing Reward range products: Thursday 20th May, 2021
- Last new lending applications on existing products: Friday 28th May, 2021
Important update – Offer extensions for all purchase cases impacted by COVID-19
Please be advised that we will shortly be closing the interim offer extension process we introduced to support customers experiencing a delay in completion, as a result of COVID 19.
Friday 18th June, 2021 will be the final day where your client(s) who have exchanged contracts on a property purchase and whose current offer either expired after 26 March 2020 or will expire within the next 30 days, to apply for an offer extension.
Your clients purchasing a New Build property will continue to be able to secure an extended offer through our New Build offer extension process. However, for all other purchases a new application would need to be submitted on a product available at the time of resubmission, and will be subject to re-assessment.
Additionally, on Friday 18th June, we will also be removing our change of circumstances form for customers who have an open mortgage offer from Barclays and needed to let us know about any changes since their initial application. If your customer has a change in their circumstances after this date, you need to let us know in the usual way.
Note – customers impacted by the pandemic will still be able to get information on the support available to them by visiting our Coronavirus mortgage help page