Barclays has announced upcoming changes to its mortgage rates, affecting several key products from tomorrow.
- Key adjustments include rate increases on both purchase and remortgage products, impacting various fixed-rate offerings.
- The changes encompass specific percentages in product rates, particularly the Premier 2-year fixed rates among others.
- Barclays has provided a nine-day window for advisers to manage and package cases appropriately following these changes.
- Updated application procedures are set for both new and transferring mortgage cases within the designated timeframes.
Barclays is set to introduce updated rates across several of its mortgage products starting from tomorrow, impacting notable offerings within its purchase, remortgage, and reward ranges. The financial institution has disclosed specific rate adjustments, including a significant increase in the Premier 2-year fixed rate, moving from 3.96% to 4.30%, which includes a £899 product fee at a 60% loan-to-value (LTV). Similarly, another 2-year fixed rate will rise from 4.21% to 4.55% without any product fee, also at 60% LTV. Additionally, the 4.11% Premier fixed rate at 75% LTV will increase to 4.45%. These changes suggest a strategic shift in the lending landscape amidst current economic conditions.
The adjustments specified by Barclays extend across multiple loan-to-value ratios and term periods, indicating a comprehensive approach to the rate increases. Such changes will reflect in the withdrawal of the affected products from the dropdown options within the application services, a move that further underscores the gravity of these amendments for borrowers.
These rate adjustments come alongside Barclays’ decision to permit a nine-day adjustment period for advisers. This window allows for proper packaging and addressing of potential queries with the aim to minimise client disruption. In terms of new lending, advisers and borrowers need to ensure that applications are commenced, and suitable products selected, by or before the existing products are withdrawn on Wednesday, 13th November.
Product transfers also fall under the updated protocol. In these cases, the necessary product must be chosen and the application submitted by Thursday, 14th November. To successfully qualify for these updated products, a completed mortgage illustration statement must be generated by or before the product withdrawal deadline, achieved using either Barclays systems or a preferred sourcing tool.
Barclays emphasises the importance of addressing these new frameworks promptly to ensure smooth transitions for all parties involved. This proactive adjustment policy highlights the financial institution’s commitment to maintaining efficacy in its operations while navigating the changing financial climate.
These mortgage rate adjustments by Barclays reflect the bank’s response to evolving economic pressures, impacting both advisers and borrowers significantly.
