Head of Content
Mortgage Advisor & Director
Barclays
About Barclays
The UK's fifth largest lender, Barclays is a household name when it comes to mortgage providers and has been operating for more than 300 years.
You can compare the latest mortgage rates from Barclays with their competitors from across the market for free below:
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What type of mortgages are available from them?
Barclays offers a range of personal and business finance products. Their UK mortgage range includes products tailored to the following demographics:
Their product line features a range of fixed-rate mortgages with 2, 5 and 10-year introductory rates periods as well as tracker/offset tracker mortgages with 2-year and 5-year lock-in options. The bank offers exclusive products for existing customers who are switching to a new deal, applying to borrow more or moving home.
What mortgage rates to expect
Barclays mortgage rates are generally competitve with other high street mortgage lenders, and often lower than specialist mortgage providers'.
The exact rate you end up with will depend on the amout of deposit you have, the overall strength of your application and the type of product you choose.
You can compare the latest mortgage rates from Barclays with their competitors across the market using our free mortgage-sourcing tool.
How do Barclays calculate mortgage affordability?
Barclays caps its mortgage lending at either 5 times annual salary or 5.5 times annual salary. To borrow based in the higher income multiple, at least one applicant needs an annual income of £75k or the two highest earning applicants need at least £100k combined.
The banking firm has affordability calculators on its website that you can use for an estimate of your maximum borrowing, but a mortgage broker can give you a clearer picture of this by providing bespoke calculations and explaining how your borrowing capacity vary from one lender to another.
You can get a general idea of your maximum borrowing by entering your income into our calculator below:
Residential mortgage lending criteria
The lending criteria for a Barclays mortgage for residential purposes is as follows:
- Term length: Mortgage terms of between 5 years and 40 years are available
- LTV: Barclays' original LTV cap was 90%, but 95% LTV deals are now available through the Mortgage Guarantee Scheme
- Income: Will accept 100% of a gross basic salary for those in full-time employment, plus supplemental income (caps may apply depending on its source). Self-employed borrowers will need to provide two years' accounts and declarable income will be based on average earnings
- Age: Barclays has no upper age cap on their mortgages but will subject borrowers to extra underwriter scrutiny if they will be aged over 70 during the mortgage term
- Credit history: Barclays will accept borrowers with certain types of adverse credit on their files, usually with conditions attached (see below for more information)
Do Barclays offer bad credit mortgages?
Yes, under the right circumstances, Barclays will offer mortgages for borrowers with certain types of bad credit, often with caveats attached. Serious credit issues such as bankruptcies and IVAs need to have been satisfied for at least six years before they will consider mortgage approval, but less severe problems like defaults might be accepted in factored in when credit scoring is taking place. Barclays will be keen to know the circumstances surrounding any adverse on your credit files, including how long the issue has been on your credit reports.
If a bad credit mortgage lender is what you need, see our bad credit mortgage providers page for more information.
Buy-to-let mortgage criteria
The criteria to get a buy-to-let mortgage with Barclays is summarised below:
- Age: Applicants must be aged 21 or over to apply for a joint buy-to-let mortgage. Other applicants can be 18 or over
- Income: Minimum income of £25,000 is needed to borrow up to £1 million or £75,000 to borrow over £1 million (£100,000 combined gross annual income acceptable if it is a joint application)
- Landlord experience: Not necessary. Applicants can apply be considered for buy-to-let mortgage even if they don't have a residential mortgage
- Portfolio limits: Portfolio landlords can hold up to six properties with Barclays and 10 across other lenders, including them
- Maximum borrowing: Landlords can borrow up to £2 million for a single property, £3 million across a portfolio or £4.5 million across a portfolio that spans other lenders
Barclays offer exclusive rates and deals for landlords who switch an existing buy-to-let mortgage to them, and those who are purchasing a 'green' or eco-friendly rental property.
Other mortgage options
As well as offering standard residential and investment mortgages, Barclays offers a range of other mortgage options, including specialist products and schemes. They include:
- Family Springboard mortgages: Allow borrowers who have financial support from a friend or family member to purchase a home with no deposit. The friend/family member is required to place 10% of the property's value into a special savings account with Barclays to serve as security.
- Green mortgages: Barclays offer exclusvies rates and incentives for borrowers who are buying an energy-efficient home, either to live in our rent out
- International mortgages: There are options for customers seeking to buy a UK property from various countries around the world
- Offset mortgages: These products allow Barclays customers to link a savings account to their mortgage to reduce their monthly payment or finish paying off their mortgage early
- Interest-only mortgages: Available as an alternative to capital repayment mortgages. Borrowers only need to repay the interest on their mortgage each month and settled the debt at the end of the term. A repayment vehicle needs to be evidence in advance and Barclays does not accept the sale of the property for this
- Commercial mortgages: Barclays commercial mortgages include options for borrowers who are buying property, raising investment finance, developing property, refurbishing owner-occupied business premises, or buying motor vehicles, machinery and other equipment
Does Barclays mortgage services have good reviews?
Barclays currently holds a user score of 1.4/5 stars on review platform TrustPilot, while an assessment by Which? gave its mortgage division a score of 65% overall, ranking them 12th out of 22 other UK mortgage lenders. NerdWallet, meanwhile, praised the lender for offering a wider product range and more flexibility on term lengths than some of its competitors, but claimed that they fall short in other areas, such as the lack of an online-only application process.
Pros and cons
The table below highlights some of the advantages and disadvantages of Barclays mortgages to help you decide whether they are the right lender for you:
|
Advantages |
Disadvantages |
|
A wide range of products are available, including niche types of lending such as commercial and green mortgages |
Limited options for borrowers with more severe bad credit |
|
Lenders based on higher income multiples than some high street lenders |
Self-employed applicants with less than 2 years’ accounts unlikely to be approved |
|
Flexible with term lengths (options between 5 and 40 years available) |
Borrowers due to start a new job or with a pending payrise agreed may find it difficult to borrow based on their new salary |
|
Flexible mortgages for older borrowers available |
Strict requirements for interest-only repayment vehicles |
How to compare mortgage rates and deals from Barclays
The most important thing to take on board here is that you need to compare Barclays' mortgage range with that of other lenders across the market. Limiting yourself to just one lender could mean missing out on more suitable deals elsewhere.
You can compare Barclays mortgages against their competitors for free through Teito, and we have whole-of-market mortgage brokers on hand to help.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you