Reviewed: Barclays Mortgages | moneyfacts.co.uk

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Published: 13/01/2022
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Reviewed: Barclays Mortgages

If you’re seeking the best mortgage deal, chances are you’ve heard of Barclays Bank. Here’s the lowdown on Barclays mortgages to help you decide if this is the lender for you.

Who is Barclays Bank?

Barclays Bank UK PLC is one of the oldest banks in the UK, as well as being one of the biggest mortgage lenders in the country. It’s a member of the Financial Services Compensation Scheme, is authorised by the Prudential Regulation Authority and regulated by both the PRA and the Financial Conduct Authority, making it a secure British bank.

What type of mortgages do Barclays offer?

The majority of Barclays mortgages are fixed rate deals with terms of as long as 10 years, though you may find a few variable rate deals as well. Offset mortgages can also be an option. They have deals available to first-time buyers, remortgagors and home-movers, as well as buy-to-let deals for property investors.

Barclays is part of the Government’s mortgage guarantee and Help to Buy schemes, and it offers shared ownership and guarantor mortgages as well. Known as “Family Springboard” mortgages, these allow family members to provide 10% of the property price as security, and they’ll get it back with interest if you keep up with the mortgage payments.

How much deposit do I need for a Barclays mortgage and how much can I borrow?

You’ll be able to secure a mortgage from Barclays with a deposit of as little as 5%, and can borrow up to 5.5 times your salary. However, the amount you’ll be offered (and the associated mortgage rate) will depend on a whole range of factors including your income, credit history, level of deposit and your current financial commitments, so make sure your affordability profile is up to scratch.

What documents do I need to apply for a Barclays mortgage?

As with all mortgage applications you’ll need to provide several standard documents, including photo ID, proof of your address, proof of income, bank statements and details of any relevant insurance policies. You’ll also need to provide details of any other credit commitments you have – including any mortgages with other lenders – details of the property you’re looking to buy and its estate agent, and your solicitor’s details.

How long does a Barclays mortgage application take?

Barclays says that it typically takes about four to six weeks for a full mortgage application to go through – this is after you’ve had an agreement in principle, have made an offer on a property and have been invited for a mortgage interview – and in some cases they may need to ask for additional information which can add to the timescales involved.

Are Barclays hard to get a mortgage with?

This depends on your situation. Barclays mortgages are rarely offered to those with bad credit, so it’s important to focus on improving your credit score before you apply, and doing anything else you can to increase your chances of being approved for a mortgage.

What is the maximum age for Barclays mortgages?

The maximum age for a Barclays mortgage is usually 70 at the end of the mortgage term, or retirement age, whichever is sooner. However, cases are considered on an individual basis and there may be occasions when this can be extended, though you’ll need to prove your ability to repay the mortgage in retirement.

Anything else I should know?

  • You can overpay your fixed rate mortgage by up to 10% per year, and can apply to make underpayments in certain situations as well.
  • You can easily manage your Barclays mortgage online or via the app, where you can manage your payments and even apply for a new rate.
  • Barclays has a range of calculators and online support tools to help in your application.

Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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