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Barclays Mortgage Review
Barclays offers a wide range of mortgages to home movers, first-time buyers, those wanting to remortgage or for buy-to-let purposes. Here’s our Barclays mortgage review.
Barclays mortgages: at a glance
Barclays offers capital repayment and interest-only mortgages, as well as fixed-rate, tracker-rate and offset mortgage options. Barclays mortgages can be repaid over a term of up to 40 years.
Barclays Mortgages
5 to 40 years
£5,000
Capital & Interest; and Interest Only
Yes
Yes
This mortgage provider is available via our partner, London & Country Mortgages.
Think carefully before taking out any mortgage. Your home may be repossessed if you do not keep up repayments.
The information in this review is correct as at the date the page was last updated. This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
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What types of mortgages does Barclays offer?
Barclays first-time buyer mortgages
Barclays first-time buyer mortgages are typically available up to 95% loan-to-value (LTV), which means it may be possible to get a mortgage with a 5% deposit. It may be possible to get a mortgage without a deposit if your family or friends are happy to help.
Barclays remortgages
Barclays offers a number of remortgage options for those who want to switch away from their current lender, including deals on which there may be no application, valuation or standard legal fees to pay.
» MORE: Compare remortgage deals
Barclays buy-to-let mortgages
You can look into buy-to-let mortgages from Barclays if you’re considering becoming a landlord for the first time, want to remortgage a buy-to-let property you already own or are a professional landlord wanting to expand your portfolio.
» MORE: Best mortgage lenders
Barclays mortgage features
Repayment options
Barclays mortgages are available on both a capital repayment and interest-only basis. Choosing a repayment mortgage means your repayments go towards paying off both the interest you’re charged and an element of your original mortgage amount, or capital, each month. As a result, the amount you’ve borrowed decreases gradually and should be fully repaid by the end of the mortgage term.
By contrast, the repayments you make on an interest-only mortgage only cover the interest each month and won’t reduce the amount you borrowed. Monthly repayments are therefore lower, but you’ll need a repayment strategy in place for paying back the loan amount when the mortgage term ends.
» MORE: Interest-only vs. repayment mortgages
Mortgage rates
Barclays offers fixed-rate and tracker-rate mortgages. With a fixed-rate mortgage, your mortgage rate is fixed for a set period of time, during which your monthly repayments won’t change.
Alternatively, taking out a Barclays tracker mortgage means the mortgage rate you pay – and your monthly repayments – could rise or fall, depending on whether the Bank of England base rate changes. Because of this, you should think carefully about the level of repayments you could comfortably afford if the base rate, and therefore your interest rate, were to rise.
» MORE: Best mortgage rates
Loan-to-value ratios
Barclays typically offers mortgages up to a maximum of 95% LTV, meaning that you only need a 5% deposit to get a Barclays mortgage. However, the larger your deposit and the lower your LTV, the better the mortgage rates you’re normally able to access.
» MORE: Why your LTV is important for a mortgage
Mortgage offers
A mortgage offer from Barclays is typically valid for six months. During this time, the mortgage rate you’ve been offered should not change.
Making overpayments
Standard Barclays fixed-rate mortgages may allow you to overpay up to 10% of your outstanding mortgage balance each year. The allowance for tracker mortgages may be higher. However, it’s important to either contact Barclays or check the terms and conditions of your mortgage offer before doing so. This way, you can see whether your mortgage has different overpay conditions and whether any early repayment charges (ERCs) may apply. Overpaying on your mortgage may help you to pay off your mortgage earlier and pay less interest overall.
» MORE: Mortgage overpayment calculator
Paying off your mortgage early
It’s possible to pay off your mortgage early, but you’ll need to request a redemption statement from Barclays first. This will make clear everything you’d need to pay, including the mortgage balance you have left and any interest, fees and charges that will apply.
Porting your mortgage
If you’re an existing Barclays mortgage holder, you may be able to take your current mortgage with you if you’re moving to a new home. It may be possible to port your mortgage without having to pay early repayment charges, but check with Barclays first.
» MORE: Porting a mortgage
Mortgage calculators
The Barclays website includes a wide selection of mortgage calculators. These include calculators designed to help you work out how much you may be able to borrow, what your monthly repayments may be, and how changes in mortgage rates can affect you.
» MORE: Our mortgage calculators
This is our review of a lender and not the products, interest rates, fees or deal terms they offer. Many lenders also offer preferential products exclusively via brokers and intermediaries. This review does not constitute advice or recommendation.
Review methodology
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
You can view our full review methodology here.
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