If you borrow £178,000 over a 25-year term at 5.87% p.a. (fixed) for 60 months reverting to 8.00% p.a. (variable) for the remaining term, you would make 60 monthly payments of £1132.75 and 240 monthly payments of £1336.45. The total payable would be £390,092.00, which includes the interest of £210,713, valuation fees of £0 and a product fee of £999. The overall cost for comparison is 7.4% APRC representative.
Barclay’s buy-to-let mortgage rates
- Barclays is one of the “big five” British banks and among the most commonly-used mortgage lenders.
- The bank offers one of the most diverse ranges of mortgages, including several aimed at first-time buyers or those looking to borrow into retirement.
What types of mortgages can I get with Barclays?
- Fixed rate A fixed-rate mortgage provides certainty as your interest rate will remain locked for a set amount of time.
- Remortgages You can switch your existing mortgage to Barclays via one of its remortgage products.
- Tracker With a tracker mortgage, your interest rate fluctuates based on the Bank of England base rate.
- Offset With an offset mortgage, you can use the money in your savings account to offset your mortgage interest.
- Buy-to-let You’ll need a buy-to-let mortgage if you’re looking to borrow money for a second property to let out.
- Shared ownership With shared ownership, you can purchase a percentage of the property, while paying rent on the rest. You can apply to purchase additional percentages of the property as and when you can afford it.
How to apply
You can apply for a Barclays mortgage via the Barclays website, in one of its branches, or by calling 0333 202 7573 to book an appointment with one of its mortgage advisers.
What information is needed to apply?
You’ll need to provide: photo ID, proof of current address, building insurance policy (if remortgaging from another lender), bank account details (from which you’ll make mortgage payments from), proof of income, details of any current debts, details of any current life/critical illness/home insurance policies, details of any other mortgages, details of the property you want to buy, plus details of the solicitor and estate agent.
The minimum age for taking out a Barclays mortgage is 18, or 21 for buy-to-let mortgages. You’ll need to be younger than 70 before the mortgage term ends (or provide proof that you’ll be able to repay your mortgage if it extends into your retirement).
If you’re employed, you’ll need to have been in continuous employment for the last 3 months – not necessarily with the same employer, but there must be no gaps.
Barclays mortgages customer reviews
Barclays was our highly commended company in our annual mortgages customer satisfaction survey, scoring 4.5 out of 5 stars, and with 95% of its mortgage customers saying that they would recommend the service. Survey respondents felt that the Barclays mortgage advisors were helpful as well as knowledgeable about the products on offer.
Here is some of the feedback we got from Barclays mortgage customers:
“Excellent quality advice, recommendations, knowledge and expertise.”
“It’s good value for money and good service.”
“It was very easy to get a mortgage with Barclays.”
“It is easy to manage my account online and they have great rates for existing mortgage clients.”
“Great quality brand with great quality products.”
Frequently asked questions
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