Barclays Update

Barclays mortgage product changes

Please be advised we’re making changes to our Residential mortgage rates. These changes include a large number of reductions, on a selection of products across our Residential Purchase, Remortgage and Reward ranges, effective tomorrow, Friday 24th September, 2021.

Summary of changes

• First time buyers continue to form the bedrock of the market and with demand expected to remain strong, we’re delighted to confirm we’re reducing the rates on our three Mortgage Guarantee Scheme fixed rate products by as much as 0.30%  
• To support your clients looking to benefit from a tracker based product whilst having the flexibility of being able to switch to a fixed rate at any point in time without incurring an ERC, we’re making significant reductions across three of our 60% and 75% LTV products that will see us launch some market leading options available for both purchase and remortgage applications
• Reducing rates across our 60%, 75%, 80% and 85% LTV fee and fee free purchase and remortgage 2 and 5 year fixed rates
• Reducing rates on a selection of our Reward range fixed and tracker rates available for your clients with an existing Barclays residential mortgage
• There’s also good news for your clients looking to take advantage of our Family Springboard mortgage with details of a slicker process for the opening of a Helpful start account

Please see below for some of these key rate change highlights.

For full details of all products changing, including any products being increased, please take the time to review our rate overview guide.

Residential Purchase – Mortgage Guarantee Scheme  

• 3.45% 2 Year Fixed £0 fee, £750 cashback,  95% LTV, Loans £25k –  £570k reducing to 3.15%
• 3.09% 2 Year Fixed £0 fee, 95% LTV, Loans £25k –  £570k reducing to 2.99%
• 3.45% 5 Year Fixed £0 fee, 95% LTV, Loans £25k –  £570k reducing to 3.25%     

Residential Purchase and Remortgage Tracker rates

• 1.40% 2 Year Tracker £0 fee, 60% LTV, Loans £5k –  £2m reducing to 1.06%
• 1.68% 2 Year Tracker £999 fee, 75% LTV, Loans £5k – £2m reducing to 0.95%
• 2.12% 2 Year Tracker, £0 fee, 75% LTV, Loans £5k – £2m reducing to 1.18%

Residential Purchase and Remortgage Fixed rates

• 1.45% 2 Year Fixed £999 fee, 80% LTV, Loans £5k –  £2m reducing to 1.42%
• 1.64% 2 Year Fixed £999 fee, 85% LTV, Loans £5k – £2m reducing to 1.56%
• 2.15% 5 Year Fixed, £999 fee, 85% LTV, Loans £5k – £2m reducing to 2.02%

Residential Reward range – product transfer and further borrowing

• 1.89% 2 Year Fixed £0 fee, 80% LTV, Loans £5k – £2m  reducing to 1.56%
• 2.29% 2 Year Fixed £999 fee, 90% LTV, Loans £5k – £2m reducing to 1.97%
• 3.08% 5 Year Fixed £0 fee, 90% LTV, Loans £5k – £2m reducing to 2.88%

Please see our new Intermediary and Reward rate sheets, to view the full range of Barclays mortgage products, effective from tomorrow.

Other news – Improved application journey for Family Springboard Mortgages

Our Family Springboard Mortgage continues to provide an innovative way for your client’s family or friends to help them get a mortgage with as little as 0% deposit – and allow them to get their savings back –  with interest – through our Helpful Start Account.

We’re now pleased to confirm we have further enhanced the process for the helpers by enabling them to open the Helpful Start account without having to visit us in branch. Moving forward, helpers can submit all the required documentation to us to complete KYC by using Barclays Verify, which is found within the Barclays mobile banking application.

The Springboard application process is exactly the same as today, however, from today, you can now direct the helpers to use Barclays Verify. Alternatively, they can continue to visit a branch if that is their preference.  

Key product change timings*

• Existing products: Final date for generating a Mortgage Information Sheet (MIS) Thursday 23rd September, 2021
• Last rate switch (product transfer) applications on existing Reward range products: Friday 24th September, 2021
• Last new lending applications on existing products: Saturday 2nd October, 2021                                  

Thank you again for your continued support

*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 Thursday 23rd September, 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, Friday 24th September, 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, Saturday 2nd October, to enable your case to be submitted and avoid disappointment

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, Friday 24th September, at the latest.