Barclays Update

Further to our email yesterday providing some important information to support applications for our recently improved Mortgage Guarantee Scheme products, we’re now pleased to confirm we’re making positive changes across our Residential, Buy to Let and Reward ranges effective tomorrow, Friday 25th June, 2021 

The market is changing virtually on a daily basis and we’re working hard to ensure we continue to provide you and your clients with a comprehensive and competitive range of products.

This week see’s us make reductions up to 0.16% across a selection of our 60%, 75%, 80% and 85% LTV Residential Purchase, Remortgage and Reward 2 and 5 Year Fixed rates.

In addition, we’re also making reductions of up to 0.17% across our existing 75% LTV Buy to Let Purchase, Remortgage and Reward 2 and 5 year fixed rates as well as launching some highly competitive new 75% LTV products.

Key highlights include

Residential Remortgage – Great Escape

• 2.90% 5 Year Fixed, £0 product fee, 85% LTV, Loans £50k – £2m reducing to 2.75%

Reminder – Our Great Escape products come with a free non-disclosed valuation, free legals plus £250 cashback or £350 if your client opts to use their own solicitor

Residential Purchase

• 3.45% 5 Year Fixed, £0 product fee, 90% LTV, Loans £5k – £570k reducing to 3.37%

Buy to Let Purchase

·       2.15% 5 Year Fixed, £1295 product fee, 75% LTV, Loans £35k – £1m reducing to 1.98%

Please be advised some products are being withdrawn. Please view our rate overview guide for full details and 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 24th June, 2021
• Last rate switch (product transfer) applications on existing Reward range products: Friday 25th June, 2021
• Last new lending applications on existing products: Saturday 3rd July, 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 Thursday 24th 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, Friday 25th 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, Saturday 3rd July, 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, Friday 25th June, at the latest.