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
Barclays max loan amount for high LTVs on flats & houses changes + Mortgage Guarantee Scheme
As we continue on our trajectory to a more normalised world following the opening up of non-essential retail and personal care premises this week, we are delighted to share the details of two exciting changes to our mortgage proposition that will provide greater support to you, your clients and the UK mortgage market as we move forward.
Live today – Maximum loan amount for high LTVs on flats & houses changes
We’re pleased to confirm that from today, Friday 16th April, we’ve increased the maximum loan size for flats and houses at greater than 85% loan to value.
This includes an increase from £500,000 to £570,000 for houses and from £220,000 to £275,000 for flats
Applying to any case submitted from today, we have updated our affordability calculators and increased the maximum loan sizes on some of our existing 90% LTV products.
Note – the product codes have not changed for these products. Please view our updated rate sheet.
Launching Monday – New Mortgage Guarantee Scheme
As one of the first lenders to confirm our full support to this important initiative, we are delighted to now confirm our criteria for the scheme as well as the products we are launching from Monday 19th April
Click here for a reminder of how the scheme works and the criteria set out by the UK Government.
In addition, there are also two bits of important Barclays specific criteria:
- It cannot be used for New-Build properties.
- Our new maximum loan criteria (as per above) applies for this scheme
(£570,000 for houses and £275,000 for flats)
The following products will be available for submission from Monday:
- New – 3.99% 2 Year Fixed, £0 fee, Loans £25k – £570k, 95% LTV
- New – 4.09% 5 Year Fixed, £0 fee, Loans £25k – £570k, 95% LTV
Important – The above products are for Mortgage Guarantee Scheme customers only. No other products from our ranges should be used when applying.
What existing new lending products are we amending?
Residential – Purchase
3.48% 2 Year Fixed, £999 fee, Loans £5k – £570k, 90% LTV
3.72% 2 Year Fixed, £0 fee, Loans £5k – £570k, 90% LTV
3.48% 5 Year Fixed, £999 fee, Loans £5k – £570k, 90% LTV
3.72% 5 Year Fixed, £0 fee, Loans £5k – £570k, 90% LTV