If you are interested in finding out more about borrowing with Barclays, the following information should come in useful.
Being confident that you have a good understanding of the different borrowing types on offer means you are much more likely to end up with a decision you feel happy with.
Compare Barclays mortgages
Barclays range of mortgages provide secured borrowing for various purposes. Which is mostly likely to suit you will depend upon your unique requirements and circumstances.
First Time Buyers
If you are looking to get on the first rung of the property ladder, there are mortgages aimed specifically at customers like you.
Barclays offer two types of mortgages – fixed rate and tracker.
Barclays tracker mortgages have interest rates that change in line with the Barclays Bank Base Rate which reflects changes in the wider economy.
A fixed rate mortgage will keep your interest rates at a set level for a certain period, giving you some stability, before switching to a variable rate later.
If you are a first time buyer you may be able to get a mortgage with no deposit if you have a close family member who can provide 10% of the property’s value as security.
Buy to Let
Buying property to rent out can be a really good investment and Barclays offer mortgages specifically aimed at this kind of landlord. To qualify you will need to be at least 21 and own your own home.
You can then borrow up to £1million per property. You must not have more than 6 mortgaged properties at a time and Barclays will only lend you £3million in total in buy to let mortgages.
Remortgaging with Barclays
Whether you want to raise some extra money or cut down your monthly repayments, remortgaging can be an effective way to do this. How cost-effective this will be is likely to depend on how good a deal you had on your original mortgage.
If you are looking to borrow more, it can sometimes be cheaper to take out a separate, second charge mortgage.
Loan to value ratio
How much you are likely to be able to borrow will depend in large part on your loan to value (LTV) ratio.
This is a way of showing how much you are aiming to borrow in total against a property (including any existing debt) versus the property’s market value.
For example, if you want to borrow £50,000 on a property worth £100,000 your LTV would be 50%. If you later wanted to borrow an extra £25,000, your LTV would increase to 75%.
The higher your LTV, the higher the interest rates you are likely to be offered.
Find the best deals on mortgage rates
Our mortgage calculator (see the top of the page) takes the hassle out of finding a great mortgage deal. Instead of having to manually check with every single provider, we can show you all the best deals we have sourced from across the market in one place.
All you have to do is put in some basic information, such as how much you want to borrow, how long for and why and we will do the rest.
That way you can quickly and easily compare the various offers that match your requirements and find a great deal for you.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Barclays mortgages as well as other lenders.