Brilliant Solutions

Barclays Update

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 mortgage product changes

Good news – we’re pleased to confirm we’re reducing rates by as much as 0.26% across a wide selection of products in our Residential, Buy to Let and existing mortgage customer Reward ranges, and extending the end dates on all of our fixed rate products to 30th November, effective tomorrow, Friday 30th July, 2021

Rewarding your existing Barclays mortgage clients

With simple online submission within the Barclays Intermediary Hub, coupled with no credit checks or underwriting, plus a competitive procuration fee paid, you can seamlessly complete a product transfer for your existing Barclays mortgage clients and secure great rates, such as our new Residential 2 Year Fixed Reward rates at 0.92% (60% LTV) or 1.05% (75% LTV) – both rates are offered with a £999 product fee and, in addition to product transfers, are also available for additional borrowing.

Please see below for other key product change highlights and refer to our Rate overview guide

Key change highlights

Residential – Purchase and Remortgage

  • Reduced – 1.32% 5 Year Fixed £999 fee, 75% LTV, Loans £5k – £2m will reduce to 1.25%

Residential – Purchase

  • Reduced – 2.45% 2 Year Fixed £0 fee, 85% LTV, Loans £5k – £2m will reduce to 2.27%
  • Reduced – 2.80% 5 Year Fixed £0 fee, 85% LTV, Loans £5k – £2m will reduce to 2.55%

Buy to Let – Purchase

  • Reduced – 1.85% 2 Year Fixed £1295 fee, 75% LTV, Loans £35k – £1m will reduce to 1.59%
  • Reduced – 1.85% 5 Year Fixed £1295 fee, 60% LTV, Loans £35k – £1m will reduce to 1.76%

Residential Reward range – Rate Switch (Product Transfer) and Further Advance

  • Reduced – 1.02% 2 Year Fixed £999 fee, 60% LTV, loans £5k – £2m will reduce to 0.92%
  • Reduced – 1.12% 2 Year Fixed £999 fee, 75%LTV, loans £5k – £2m will reduce to 1.05%
  • Reduced – 1.59% 5 Year Fixed £0 fee, 75% LTV, loans £5k – £2m will reduce to 1.49%

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

Key product change timings

  • Existing products: Final date for generating a Mortgage Information Sheet (MIS) Thursday 29th July, 2021
  • Last rate switch (product transfer) applications on existing Reward range products: Friday 30th July, 2021
  • Last new lending applications on existing products: Saturday 7th August, 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 29th July, 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 30th July, 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 7th August, 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 30th July, at the latest. 

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