Barclays is set to adjust rates on several prominent mortgage products, effective from tomorrow, marking a key change for borrowers.
- Changes will affect the Purchase, Remortgage, and Reward ranges, influencing various existing products.
- The Premier 2-year fixed rate at 60% LTV will rise from 3.96% to 4.30%, reflecting a noticeable increase.
- Barclays provides a nine-day period for advisers to process applications accurately and address queries.
- Applications must be started and selected before the deadline to qualify for the revised rates.
Barclays has announced adjustments to the rates of its significant mortgage products, scheduled to take effect imminently. These changes will impact products across the Purchase, Remortgage, and Reward categories, with several key products experiencing rate increases. The adjustments reflect Barclays’ response to current market conditions.
One of the notable changes involves the Premier 2-year fixed rate mortgage at 60% loan-to-value (LTV), which will see the rate increase from 3.96% to 4.30%. Similarly, the 2-year fixed rate with no product fee at 60% LTV will rise from 4.21% to 4.55%, and the 75% LTV Premier 2-year fixed rate will move from 4.11% to 4.45%. These increases highlight a trend across the board, with various LTVs and terms being affected.
Barclays has outlined a nine-day window for advisers to adequately package cases and address any queries. This period offers a critical opportunity for advisers to align applications with the new rates. It is essential for those seeking new lending options to ensure applications are initiated and products selected from the dropdown menu by the specified withdrawal date, which is Wednesday, 13th November, and submitted by the final application date of Friday, 22nd November.
For existing customers, product transfers must be selected and applications submitted by Thursday, 14th November. Additionally, a mortgage illustration statement is required to be generated on or before the withdrawal date, using either Barclays’ systems or a preferred sourcing tool. This requirement is crucial for securing a product under the new rate terms.
These strategic rate changes by Barclays require timely action from both borrowers and advisers to adapt to the new mortgage landscape.
