Barclays mortgages:
Your expert guide

Barclays is one of the UK's biggest mortgage lenders. At Mojo, we can help you make a successful application with Barclays.

Barclays mortgage guide
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Rated Excellent

Stuart Bowman

10-minute read

Last updated: 17th December 2020

Why apply for a Barclays mortgage?

Barclays is one of the most well known banks on the high street and the UK's 5th biggest mortgage lender.

The latest stats from UK Finance show Barclays lent over £23 billion in mortgages during 2018 – that's a market share of just under 9%.

That huge sum is spread across lots of different types of mortgage deals from the standard fixed and variable deals to Green Home mortgages and Family Springboard mortgages.

As a mainstream lender, you may find it difficult to get a mortgage from Barclays if you've had any major credit issues in the recent past.

What are Barclays best mortgage rates?

You can get a very low rate from Barclays. However, 'lowest' doesn't always mean 'best' when it comes to mortgage rates.

Barclays offer lots of different mortgage deals, with some boasting added flexibility and fewer upfront fees. A low rate doesn't always mean you'll pay less over the term of your mortgage, either.

Barclays mortgage deals

It's important to remember all Barclays mortgage rates vary according to your personal circumstances, but these are some of the lowest headline rates they are currently offering:

These are examples only.

They are based on an application for a £150,000 loan to purchase a £200,000 property over 25 years.

Lowest 2-year fixed rate

Initial rate: 1.57%

Initial period: 25 months

Initial monthly payments: £608.88

After the initial period this deal reverts to Barclays Standard Variable Rate of 3.59% with monthly payments of £750.58.

APRC: 3.4%

Fees: £1,114.00

True cost: £221,746.50 (for the 25-year term)

Lowest 5-year fixed rate

Initial rate: 1.78%

Initial period: 61 months

Initial monthly payments: £623.97

After the initial period this deal reverts to Barclays Standard Variable Rate of 3.59% with monthly payments of £735.66.

APRC: 3.0%

Fees: £1,114.00

True cost: £213,999.91 (for the 25-year term)

Barclays mortgage deals

You can check whether you're eligible for these Barclays deals with Mojo.

We'll show you the best deals from over 90 lenders too.

  • Find out exactly what rates you can get
  • Get help with the paperwork if you want to apply
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These rate examples were updated 17 December 2020.

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Barclays mortgage application

You can apply for a mortgage with Barclays if you are eligible. That means:

  • You have a regular income
  • You've been working for at least 3 months – if your income comes from employment
  • You're up to date with credit payments
  • Your property is in the UK
  • You're 18 or over and have 2 years of UK address history – not that's less than the usual 3 years

Why use Mojo to apply with Barclays?

Mortgage applications can be a bit daunting, but we'll make sure you'll be confident you got the best deal.

We'll take you through the Barclays's application, looking out for, and sorting out, those little mistakes in the paperwork that can hold things up.

Of course, you'll be able to check if you can find a cheaper mortgage deal elsewhere too.

And it's all free – you'll save £500 avoiding a fee.

Compare Barclays deals

How long does a Barclays mortgage application take?

After submitting your mortgage application, like all lenders, Barclays will complete a property valuation and start underwriting. It normally takes up 2 weeks before you get your mortgage offer.

Barclays mortgage appointment process

If you still want to apply direct with Barclays, there are 2 main stages.

1) Get your Agreement in Principle

Unless you're after a buy-to-let mortgage, you can do this online.

You'll need to know:

  • How much you want to borrow
  • Your address history
  • Your basic income and any additional income such as commission, dividends, benefits or maintenance
  • Your fixed spending
  • Details of any new financial commitments you expect

If you know this info, you can get a decision in about 10 minutes with Barclays.

A Barclays Agreement in Principle states (loosely) how much you can borrow. If you get one, it means you've also passed a soft credit check and there aren't any obvious issues with your credit history.

It's a great first step, but remember it's not a guarantee of a mortgage offer.

What is an Barclays Agreement in Principle?

An Agreement in Principle, also called a Decision or a Mortgage in Principle, is an important first step in the mortgage application process. It's a document showing how much you could potentially borrow from Barclays. You can use it to show estate agents and sales consultants you are a serious buyer.

2) Get an appointment to apply

When you've got an Agreement in Principle, and have an offer accepted on a property, you can start a full mortgage application with Barclays.

You'll speak to a Barclays adviser and if you are happy with their mortgage recommendation, they'll order a valuation on your property and pass on your case to an underwriter.

Barclays also does a hard credit check that will remain on your credit record at this point.

You can also track the progress of your application online with Barclays.

How much will Barclays lend me for a mortgage?

Barclays normally offer up to 4.5 times your gross salary. That is usually the maximum, but it varies on each case. You could also be offered less, if you have a lot of fixed outgoings or a high LTV.

Barclays remortgages

If you decide to remortgage with Barclays from another lender, they will treat your remortgage like a new mortgage. You'll need to pass their affordability and eligibility criteria.

You should always check any remortgage deal is the absolute best you can get. You can do this very quickly using the Mojo Mortgage Matcher.

Barclays product transfers

If you're already a Barclays customer and simply want to switch your rates to a lower one to avoid the higher SVR that comes at the end of an introductory deal, you can do a product transfer.

Normally Barclays get in touch just before your existing deal ends, offering mortgage deals that'll be cheaper than the bank's SVR.

They will be good options, but always check to see if you can get a cheaper deal from another lender.

In less than 10 minutes you can compare your Barclays offer side by side against what other lenders can offer you. And if you still want to remortgage with Barclays, we can usually sort that out in a day or so.

Can I port my Barclays mortgage?

Most Barclays mortgages allow you to 'port' the terms of your current deal to a new house, without paying any admin fees or ERCs.

If you are quite happy with your current deal, you should always check the rest of the market when moving house. Our expert advisers can help you find out if you'll save more in the long term by remortgaging to a new lender.

How much are Barclays early repayment charges?

The amount usually drops the closer you get to the end of your introductory period. With Barclays you get early repayment charges for two reasons:

For amounts above 10%, the charge is either 1 or 2%.

  • You make an overpayment that's 3 times the usual monthly repayment amount
  • You pay off the mortgage balance earlier than originally agreed

To see the exact rate you currently face with Barclays early repayment charges, you'll need to check your mortgage offer letter.

Barclays buy-to-let mortgages

Barclays is a mainstream lender who also offers BTL mortgages.

You need to be at least 25 to get one from Barclays, and any joint applicants need to be 18 or over. Barclays doesn't require you to be an existing homeowner to apply for a buy to let mortgage.

As with most lenders, you can borrow up to 75% of the property's value.

Barclays do offer exclusive rates for their Premier customers.

To qualify you need to be a portfolio landlord: you have at least 4 mortgaged rental properties.

You can apply for up to £2 million per property to a total of £3 million with Barclays or £4.5 million including other lenders. Equally, you can't have more than 6 mortgaged rental properties with Barclays or 10 mortgaged rental properties in total.

You can compare Barclays with all other buy-to-let lenders to find your best deal with Mojo.

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Barclays first-time buyer mortgage

If you're a first-time buyer, Barclays can be a good option – usually accepting 90% LTV applications.

Barclays Family Springboard mortgages

Barclays Family Springboard mortgages are a great option for anyone struggling to save up that deposit. With one of these, you can borrow the full purchase price of your home if your family provides 10% as security for 5 years. This security actually accrues interest for your family. The rates are competitive and you can get a term of up to 35 years.

They also accepted Help to Buy Shared Ownership applications.

How long are Barclays mortgage offers valid for?

6 months for residential mortgages.

Ready to see your mortgage options?

Mojo Mortgages is an award-winning online mortgage broker. Let's get you the best rate you can... for free, all from the comfort of your sofa.

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