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UK's 5th largest lender

Barclays lent over £23bn in 2018. That's 9% of all mortgage lending.

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11-day submission time

That's 5 days faster than the average of 25 lenders we measured.

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Borrow 5.5x your income

You could borrow up to this amount if you meet the lender's requirements.

About Barclays

Barclays is one of the UK’s largest mortgage lenders, responsible for 8.6% of all mortgage lending in 2018, or £23.1 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 Bank mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

Some of the mortgage types on offer include: Barclays first-time buyer mortgage, Barclays help to buy mortgage, Barclays buy-to-let mortgage, and Barclays offset mortgage.

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed, and affordability.

In this review we'll cover:

Is Barclays a good mortgage lender?

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

We looked at Barclays' customer complaints record between July and December 2018. During this period the Financial Conduct Authority (the financial regulator) received 8,404 officially upheld complaints from Barclays mortgage customers.(3) That’s around 0.8% of customers and is 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?

During the last six months, the average speed that Barclays processed a Trussle customer’s successful mortgage application was 11 days.* That’s faster than the 16-day average across all the 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.

These details were last updated on 8th August 2019.

How much could I afford to borrow from Barclays?

How much you can get for a mortgage will vary, but Barclays could lend up to a maximum of 5.5 times income before tax, depending on your circumstances.

These details were last updated on 8th August 2019.

Barclays' lowest mortgage rates

Barclays mortgage rates will vary depending on the type of mortgage you’re recommended.

The following deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

Compare deals from all lenders >

Lowest 2 year fixed rate

1.68%

Initial rate

3.90%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 24 month period, costing £963.69 per month for 276 months. Total amount payable is £285,020.20 including interest and fees. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Lowest 5 year fixed rate

2.09%

Initial rate

3.50%

Annual Percentage Rate of Charge (APRC)

Details

Based on securing a mortgage of £181,600 over a 25 year term. Reverts to SVR after initial 60 month period, costing £943.17 per month for 240 months. Total amount payable is £274,262.80 including interest and fees. True cost based on a 60 month period. This deal was last updated on 1st March 2019.

Standard Variable Rate

4.24%

Standard Variable Rate (SVR)

Details

This rate was last updated on 1st March 2019.

Barclays' best mortgage deals

The following Barclays mortgage deals are based on securing a mortgage of £181,600 on a £227,000 property (that's 80% loan-to-value) over a 25 year term.

We’ve searched for the most competitive deals according to true-cost. This includes capital and interest repayments, fees, and incentives due over the initial period of the deal, and is a more effective way of comparing deals than looking for the lowest interest rate deal.

Compare deals from all lenders >

First-time buyer

£18,825.80

True cost over initial period

£777.70

Monthly payment

Details

Includes £161 upfront fee. 2.09% initial rate reverts to 4.24% SVR after initial 24 month period, costing £967.05 per month for 276 months. Total amount payable is £285,811.60 including interest and fees. That’s a 3.90% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Remortgage

£18,389.88

True cost over initial period

£780.37

Monthly payment

Details

Includes £161 upfront fee. 2.12% initial rate reverts to 4.24% SVR after initial 24 month period, costing £780.37 per month for 276 months. Total amount payable is £285,941.92 including interest and fees. That’s a 3.90% APRC. True cost based on a 24 month period. This deal was last updated on 1st March 2019.

Frequently asked questions (FAQs)

Updated on 29th May 2019.

How long does a Barclays mortgage offer last?

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.

Does a valuation mean my Barclays mortgage has been approved?

The Barclays mortgage process isn’t complete until your mortgage lender has transferred the mortgage amount to your solicitor for them to complete the purchase.

Valuation

Your Barclays mortgage lender will arrange the valuation at your prospective home - you might also consider appointing a surveyor to carry out a more in-depth inspection.

Exchange contracts

Once the valuation and surveys have been approved, your solicitor and the seller’s will agree the purchase details in writing. Shortly after, you’ll exchange contracts and should have your deposit ready to give to your solicitor.

Completion

The mortgage process will reach completion when - after deciding on a date of sale with the seller - your mortgage lender transfers the mortgage amount to your solicitor for them to complete the purchase.

The process can differ depending on the type of mortgage you're applying for.

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.

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.

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.

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.

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 like Trussle to assess your options.

Does 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.

Is it possible to get a Barclays interest-only mortgage?

To be eligible for a Barclays interest-only mortgage you’ll have to earn over a certain amount and meet the lender’s criteria. You’ll also need to have a realistic plan to repay the balance by the time the mortgage ends.

You should talk to a mortgage broker to get independent financial advice on your repayment plan.

Can I get a Barclays Guarantor mortgage?

As long as you meet the criteria, you might be able to apply for a joint mortgage with members of your family as the guarantor through Barclays’ Family Affordability Plan.

You and your family will need to demonstrate that you can afford the repayments as you’ll both be responsible for them.

What is the Barclays Family Springboard Mortgage?

The Barclays Family Springboard Mortgage enables you to buy a home without a deposit if a member of your family or loved one can provide 10% of the property’s price (up to £500,000) as security.

Barclays will charge a fixed rate of interest for the first three years before transferring you to a lifetime tracker rate. Terms and conditions apply and bear in mind that it isn’t a suitable option for new build homes.

What is a Barclays Premier mortgage?

If you have an annual gross income of £75,000 or more paid into a Barclays current account and have at least £100,000 saved or invested with Barclays, you might be eligible for a Premier mortgage.

Barclays Premier customers enjoy access to exclusive rates and benefits.

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.

How do I contact Barclays to enquire about a mortgage?

If you’d like to arrange a Barclays mortgage appointment or contact them directly, you can call them on 0333 202 7580 (for new customers) or 0800 022 4022 (for existing customers).

Lines are open 24/7 except on public holidays. Live and video chat options are also available on the Barclays’ website, and you can pop into your local branch too.

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Sources

Deal and rate data was sourced by Trussle. All other information was sourced from Barclays' own website, unless referenced below.

  1. UK Finance

  2. Financial Conduct Authority