Barclays mortgage review

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.