Barclays cuts 2-,5-year resi rates, withdraws Help to Buy – Mortgage Strategy
Barclays is making several changes across its residential and buy-to-let new lending and reward ranges.
The high street bank says the moves include two- and five-year fixed-rate cuts by up to 44 basis points, as well as the withdrawal of its existing Help to Buy product ranges from tomorrow, 15 February.
New product change highlights include:
- A two-year fixed-rate offer for purchase and remortgage, with a £999 product fee, at 60% loan to value, comes down by 44bps to 4.30%. Minimum loan £5,000, Maximum loan £2m
- A 4.75% two-year fixed-rate deal for purchase and remortgage, with a £999 product fee, at 75% LTV, is reduced by 35bps to 4.40%. Minimum loan £5,000, Maximum loan £2m
- It also launches a five-year fixed-rate offer for BTL remortgage, with a £1795 product fee, at 75% LTV at 4.75%. Minimum loan £35,000, Maximum loan £1m
The lender says to qualify for a product, brokers need to have generated a MIS, on or before the date of withdrawal, 14 February, either using Barclays systems or a preferred sourcing tool and must be submitted before the last application date, 15 February for rate switch (product transfer), and 23 February for new lending applications.
It adds that after withdrawal, the products will be removed from dropdown options within the bank’s application services.
So, for new lending applications, brokers will need to ensure the product has been selected and saved in the application by today, 14 February. Brokers then have until 23 February to secure a case booking and submit.
For rate switch (product transfer) applications, advisers need to ensure the application is submitted in the Barclays Intermediary HUB by tomorrow, 15 February, at the latest.