Should you get a mortgage from Barclays?

9%Share of UK mortgage lending.

Barclays is one of the UK’s largest mortgage lenders, responsible for 9% of all mortgage lending in 2017, which equals to £23.2 billion.1

Founded in 1896, Barclays can trace its origins to a goldsmith banking business that was established in the City of London in 1690.2

Barclays mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

See how they compare to other mortgage lenders:

Is Barclays a good mortgage lender?

5,313Upheld complaints received by the financial regulator.

We looked at Barclays' customer complaints record between July and December 2017. During this period the Financial Conduct Authority (the financial regulator) received 5,313 officially upheld complaints from Barclays mortgage customers.3 That’s around 0.5% of customers and is slightly higher than the 0.4% average across major lenders.*

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Barclays mortgage application take?

22 daysAverage speed of Trussle customer’s mortgage application with Barclays.

Between July 2017 and July 2018, the average speed that Barclays processed a Trussle customer’s mortgage application was 22* days. That’s longer than the 18-day average across all the major lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How much could I afford to borrow from Barclays?

5.5 xMaximum annual income

Barclays could lend up to a maximum of 5.5 times income before tax, depending on your circumstances.

These details were last updated on 13th July 2018.

Current mortgage rates from Barclays

Lowest 2 year fixed rate


Initial rate:
2.10%
Annual Percentage Rate of Charge (APRC):
3.70%

Based on securing a mortgage of £136,200 over a 25 year term. Reverts to SVR after initial 26 month period, costing £707.07 per month for 274 months. Total amount payable is £209,160.62 including interest and fees. This deal was last updated on 17th July 2018.

Lowest 5 year fixed rate


Initial rate:
1.93%
Annual Percentage Rate of Charge (APRC):
3.30%

Based on securing a mortgage of £136,200 over a 25 year term. Reverts to SVR after initial 62 month period, costing £688.93 per month for 238 months. Total amount payable is £200,710.26 including interest and fees. This deal was last updated on 17th July 2018.

Current Standard Variable Rate


Standard Variable Rate (SVR):
3.99%

This rate was last updated on 17th July 2018.

Current mortgage deals from Barclays

First-time buyer

Lowest true cost deal


Lowest initial period true cost deal:
£19,778.34
Monthly payment:
£778.59
Upfront fee:
£35.00
Initial rate:
2.10%
Standard Variable Rate (SVR):
3.99%
Annual Percentage Rate of Charge (APRC):
3.70%

Reverts to SVR after initial 26 month period, costing £942.76 per month for 274 months. Total amount payable is £278,800.58 including interest and fees. This deal was last updated on 12th July 2018.

Remortgage

Lowest true cost deal


Lowest initial period true cost deal:
£14,775.64
Monthly payment:
£574.64
Upfront fee:
£35.00
Initial rate:
1.96%
Standard Variable Rate (SVR):
3.99%
Annual Percentage Rate of Charge (APRC):
3.70%

Reverts to SVR after initial 26 month period, costing £706.17 per month for 274 months. Total amount payable is £208,546.22 including interest and fees. This deal was last updated on 16th July 2018.

Frequently asked questions about Barclays mortgages

This information was last updated on 16th July 2018.

Can I overpay on a Barclays mortgage?


The majority of Barclays' mortgages will allow you to overpay by up to 10% each year. Their 10-year fixed rate mortgage, however, will only allow you to overpay by 5%.

You can choose to increase your regular Direct Debit, or to transfer a lump sum for a one-off overpayment. To set up either option on a Barclays mortgage, you’ll need to register for online banking.

Depending on the type of mortgage you choose, you may have to pay an early repayment fee if you pay before the agreed end date of your mortgage.

When would I have to make my first mortgage payment to Barclays?


Barclays doesn’t have a set date for your first mortgage payment. They’ll send you all the details of your first payment upon purchase.

If there’s a gap between move-in day and the end of the month, your first mortgage payment may be slightly more to reflect the additional interest you’ve incurred.

When do Barclays mortgage offers usually expire?


You’ll have six months to complete the purchase of your property from the date Barclays receives your mortgage application.

Buying a property can be a slow process. If unforeseen issues or delays mean you’re unable to make that deadline, you’ll either have to request an extension on your offer or apply for an entirely new one.

When does Barclays release mortgage funds?


If you’re purchasing a property, Barclays will release the funds to your solicitor on or just before your completion date. Your solicitor will then, in turn, transfer them to the house-seller’s solicitor.

The completion date will need to be previously agreed by both your solicitor and the people who are selling the property.

Do Barclays offer online and mobile banking?


Yes. Once you’ve registered for online banking with Barclays, you’ll be able to view all your mortgage details both online and in the Barclays mobile app.

You’ll also be able to change your Direct Debit and set up overpayments, as well as change your rate using online banking — though this will depend on the mortgage you have.

What about when my fixed rate is over?


Towards the end of your fixed rate period, Barclays will send you a letter informing you that you’ll revert to their Standard Variable Rate (SVR) if you don’t remortgage.

The SVR tends to be higher than a fixed rate, and your monthly repayments will likely increase if you don’t switch to a lower-rate deal with Barclays or another lender. It’s worth speaking with Barclays or a mortgage broker to assess your options.

Will Barclays require that I get life insurance before they’ll approve my mortgage?


No, Barclays don’t have any requirement for you to get any form of life insurance, including critical illness cover.

However, you might want to consider getting some anyway. Life insurance will pay out a lump sum in the event you pass away or are diagnosed with a terminal illness, while critical illness cover will pay a lump sum if you’re diagnosed with a range of conditions. There’s no guarantee the sum will cover your mortgage, but either option can help alleviate some of the financial pressure from your loved ones in unforeseen circumstances.

Did Barclays sell customers Payment Protection Insurance (PPI) alongside mortgages?


Some Barclays mortgages came with PPI, some didn’t. If you think you were mis-sold PPI, you can follow their complaints procedure.

PPI covers you if you can’t make your mortgage repayments. It also applies to loans, credit cards, and sometimes overdrafts. If you’re a new mortgage customer, it’s very unlikely you’ll be sold PPI if you don’t specifically request it.