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Compare Barclays Interest Only Mortgage Deals

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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Barclays Interest Only Mortgage Criteria

  • The interest only mortgage will need to be taken out on an advised basis
  • Earnings will need to be at least £75,000 pa
  • Joint applications - one of you must earn at least £75,000 a year, or your combined income must be at least £100,000
  • Barclays will tell you how much you need to provide as a deposit when you apply for an interest-only mortgage
  • Their will need to be an approved capital repayment plan in place
  • You cannot rely on selling the property to provide this money just in case its value decreases

Repayment Plan For A Barclays Interest Only Mortgage

Barclays will:

  • Write to you 12 months after you take out a interest only mortgage, and periodically during the second half of the mortgage term to remind you how they can support you
  • Organize a review with you during your mortgage term – usually around the halfway point – to help you understand how your repayment plan is shaping up. This’ll give you plenty of time to adapt your strategy (if you need to) before the end of your term

How Can I Apply For A Barclays Only Mortgage?

You can contact Barclays direct or you can speak to us to see if a Barclays interest only mortgage is right for you.

Independent advice

If you are not sure whether now is the right time to remortgage or whether you can get an interest only deal, then speak to our independent mortgage broker team who will be able to offer impartial advice on types of mortgages and your options.

With the base rate at a all time low it is a good time to review your current mortgage loan options as mortgage rates are generally competitive at the time of writing. With an independent broker you may be able to access broker only products which sometimes are more cost effective than products offered direct.

Mortgage customers who go direct to a lender may have to wait longer than people who go through a broker to have their situation assessed.

What is an interest only mortgage?

An interest only mortgage is where you are only obliged to cover the mortgage’s interest each month. Of course, like any mortgage, the full amount that you borrow needs to be repaid at some point; this is often at the end of the mortgage term. If there is a shortfall, then you will still have to repay all the capital at the end of the mortgage term. 

Typically, interest only mortgage monthly mortgage payments are lower than other mortgage payments. However, it should be noted that the total amount of interest that you pay over the life of the mortgage will be more than a standard mortgage. In addition, the risk of negative equity is much greater because the mortgage balance is not reducing with every payment.

Barclays offer an interest only mortgage with competitive rates. If you want to explore your Barclays interest only mortgage options, then use the Barclays interest only mortgage calculator at the top of the page.

Why do people choose an interest only mortgage?

One of the main reasons that people look to secure an interest only mortgage is to keep their monthly outgoings as low as possible.

Interest only mortgage when mortgage deal has come to an end: You could access lower interest rates and smaller monthly payments if you switch your mortgage provider. If your initial mortgage deal has come to an end, you could explore your Barclays interest only mortgage options to get a better deal.

Release equity in your home: If you need to access a substantial amount of money, you could remortgage your property with an interest only mortgage.

People often remortgage to provide money for:

  • Home improvements
  • New Kitchen
  • New Ensuite bathroom
  • Consolidate other existing debts.

Remortgaging with Barclays may be a good low cost way of paying for a new home project.

How to get an interest only mortgage

There is not one definitive set of requirements for an interest only mortgage, as the criteria will change from lender to lender. However, it is likely that you will need the following to access an interest only mortgage:

  • A repayment vehicle strategy: Lenders will need the outline of your repayment strategy to demonstrate how you will repay the mortgage at the end of the term. What is acceptable to a lender as a repayment strategy will vary, but investments such as a stocks and shares ISA may be an option. Some but not all lenders will except a repayment vehicle strategy as the sale of your existing property.
  • A low loan to value (LTV): Lenders often will only lend up to a certain percentage of the value of the property. The majority of lenders are reluctant to lend more than 75% LTV. It is possible to access higher LTV through intermediaries such as professional brokers.

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