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!
The Mortgage Charter – support for residential UK mortgage holders
We know recent changes to mortgage rates might make your clients feel uncertain about how their mortgage payments could be affected. The government has been working with the Financial Conduct Authority and lenders to put the Mortgage Charter in place, which offers support for UK mortgage holders. Barclays is fully committed to helping our mortgage customers and has signed up to the charter.
As part of the Mortgage Charter, customers with a residential mortgage can apply to reduce their mortgage payments by either switching to an interest-only mortgage for six months or extending their mortgage term. Customers can apply for either of these options without an affordability check, and we won’t (negatively) report it to credit reference agencies.
Where you can go for more information
We expect customers may want to seek guidance from you, their trusted advisor, so we have put together an overview of the Charter, the options available, and how to apply on our intermediary website.
New customer support hub
To apply, customers need to visit our mortgage support hub which includes the full details of what support is available, including eligibility criteria and a mortgage calculator to help make sure they make the right decision.
Help with mortgage payments
If your clients are worried about making their next monthly payment, please ask them to call us on 0333 202 7407* so we can look at the best way to support them. We’re here Monday to Thursday, from 8am to 8pm, Fridays from 8am to 6pm and Saturdays from 9am to 1pm.
Barclays Mortgage Product Changes
Within this fast-moving market, we are committed to reviewing our products at pace to ensure we continue to offer you a competitive range. With this in mind, we are pleased to confirm we are taking advantage of some recent changes in the funding markets by reducing rates on a wide range of products across our Residential new lending and Reward ranges, effective from tomorrow, Thursday 27th July
Product change highlights
- 2 year Fixed £899 product fee, 60% LTV, Min loan £5k, Max loan £2m will be reducing from 6.08% to 5.93% – available for Residential Purchases
- 5 year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £2m will be reducing from 5.67% to 5.52% – available for Residential Remortgages
- 5 year Reward Fixed £0 product fee, 60% LTV, Min loan £5k, Max loan £2m will be reducing from 5.85% to 5.70% – available for Product Transfers and Further Advances
For more information, full details of all product changes can be found within our rate overview guide and you can access the full range of Barclays mortgage products, effective from tomorrow, within our updated Intermediary and Reward rate sheets.
Barclays System Update
We are aware some brokers reported experiencing intermittent issues when trying to login to the Barclays Intermediary HUB this morning.
We are pleased to confirm our technical team have investigated and are confident the issue is now fully resolved.
Please accept our apologies for any inconvenience you may have experienced and thank you for your support.
Product withdrawal timings
To qualify for a product, a MIS needs to have been generated, on or before the date of withdrawal (Wednesday 26th July) either using our Barclays systems or your preferred sourcing tool and must be submitted prior to the last application date – Thursday 27th July for Product Transfers and Friday 4th August for new lending applications.
Please be advised that upon withdrawal, the products will be removed from the dropdown options within our application services. Therefore, for new lending applications you will need to ensure the product has been selected and saved in the application today (you then have until Friday 4th August to secure a case booking and submit).