In another very welcomed communication to mortgage brokers, Barclays bank have announced some new major Barclays mortgage rate changes to their existing products. These changes come as a welcome surprise to both advisors and borrowers after the country took another blow from the Bank of England with a base rate rise to 4.25%. Although a lot of people thought that this rate rise would be confirmation that mortgage rates would rise, it seems that the exact opposite has happened.
Barclays Mortgage Rate Changes
On both Tuesday and Wednesday this week Barclays bank sent emails to subscribing brokers to announce some exciting changes to the products and rates that they already offer to borrowers. Here is a roundup of the announcements they made on Tuesday and Wednesday.
Tuesday:
- Reducing a selection of Barclays existing 2 and 5 year fixed products by as much as 0.47%.
- Launching a competitive new 5 year Premier Fixed rate product available for Residential Purchase applications.
- Premier Exclusive Rates – To qualify for these products, borrowers must hold a Premier Banking relationship with Barclays. Joint applications require only one applicant to meet the criteria.
- Increasing the cash back to £350 available, when a borrower selects their ‘own solicitor’ on Barclays core residential 2 and 5 year fixed rate remortgage products – available for loans up to £2m.
Please note, £500 cashback continues to apply for borrowers opting to appoint their own solicitor, when taking Barclay’s fee free 2 and 5 year fixed Great Escape remortgage products.
- Reduced – 4.50% 2 year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £2m will reduce to 4.10% – available for Residential Purchase and Remortgage
- Reduced – 4.20% 5 year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £2m will reduce to 4.00% – available for Residential Purchase and Remortgage
- New – 4.00% 5 year Premier* Fixed £699 product fee, 60% LTV, Min loan £5k, Max loan £2m – available for Residential purchase
Wednesday:
Reduced semi exclusive purchase fixed rate
- 4.58% 2 Year fixed, £499 product fee, 75% LTV, Loans £5k – £350k (Rate reduced to 4.30% and Max loan size now £500k)
New semi exclusive remortgage fixed rate
- New – 4.30% 2 Year Fixed, £499 product fee, 75% LTV, Loans £5k – £500k
Unchanged semi exclusive purchase and remortgage tracker products
- 4.37% 2 Year Tracker, £899 product fee, 60% LTV, Loans £5k – £350k
How Do I Access These Exclusive Rates With Barclays?
The best way to make the most of these rates, whether you are thinking of getting a mortgage or currently have a mortgage but want to look at your options for switching product or lender, is to speak with a qualified mortgage advisor like Oportfolio. We have decades of experience in the mortgage industry and can help you to secure a competitive new rate that most brokers can’t. Call our team today for a free initial mortgage advice conversation with one of our experienced brokers.
