How to Get a Barclays Mortgage

If you have decided its time for your own home, a Barclays mortgage can help you get into that home more easily then you think. It's everyone’s dream to own their own home, but sometimes it can actually seem like a thing of dreams. Barclays offers a variety of homeownership financing options so your dream can actually become a reality.

Barclays also offers mortgages for folks that are self-employed. The bank will simply need to verify your income and certain documents that prove you can manage to pay the loan amount. Before you get into a mortgage situation, make sure to evaluate yourself and whether you can actually commit.

ADVERTISEMENT

A mortgage requires you to forecast your future and ensure that even two years later, you're going to making those payments on time. Defaulting on a mortgage can be a major hit to your credit score so if you aren't ready don't take the leap.

There are a ton of mortgage options out there and they will still be there when you are ready. If you have taken the time to sit down and figure out if this is the right time for you to invest in your own home, then we've got the information you need to know.

Our editors have dived into the Barclays mortgage and come up with important nuggets of information. Read everything provided below to determine whether or not a Barclays mortgage is right for you.

ADVERTISEMENT

What are the Types of Barclays Mortgages?

Barclays offers three mortgage plans for potential home buyers. These are Fixed Rate, Tracker Rate, and Part and Part.

Fixed-Rate

Based on its name, the Fixed-Rate mortgage lets a borrower enjoy an exact, same amount every month. Under this type, borrowers cannot be affected if the Bank of England base rate fluctuates. In addition, the interest rate doesn’t change for a specific time.

ADVERTISEMENT

Tracker Rate

When it comes to flexibility, the Tracker Rate is the one to choose from. This type of mortgage is linked to the base rate set by the Bank of England. If the base rate increases, the interest rate for this mortgage also follows through. In the same way, if the base rate changes and declines, the repayment amount also drops.

Part and Part

If you want to enjoy fixed-rate mortgage and tracker rate, the Part and Part is a good option. It allows you to split the home loan and combine the security of fixed-rate mortgage with a tracker mortgage. While the rate is exposed to the Bank of England, you can also enjoy flexibility in terms of splitting the loan across the other two types.

What are the Fees of a Barclays Mortgage?

The standard rate of Barclays for mortgages is 5.24 percent. The rate also changes depending on the mortgage amount, term, and type of mortgage. For applicants who choose Tracker Rate and Part and Part, rate changes depending on the Bank of England base rate.

You can also use Barclays calculator feature on the website to get an estimate on your mortgage. This tool can help you assess how much you can afford to borrow and find out your monthly repayments. If you want to know how interest rate change can affect your mortgage, the calculator tool can also help.

Barclays Mortgage

What are the Repayment Options?

The repayment options for mortgages are flexible, depending on your preferences. Generally, you are looking at Capital Repayment or Interest Only Repayment. The first one lets you pay for capital and interest throughout the term of the mortgage. With this, the mortgage will be paid off when the term ends.

Interest Only repayment is different as the monthly repayments only cover the interest of the mortgage. At the end of the term, you still owe the money you borrowed and repay it in full.

If you need assistance coming from family or friends, you can get help with a deposit. Family and friends can support by providing 10 percent of the property’s price as security. The amount can be returned if the applicant can keep up with the mortgage repayments on time. This also lessens the interest rate as you have a deposit in place.

How to Apply for a Barclays Mortgage

Taking out a mortgage at Barclays is easy and hassle-free. Applicants just need to submit requirements that can prove the capacity to pay and other financial circumstances. Provide documents that tell about your regular income for work, self-employment, pensions, and other investments. Other income streams include rental, trust funds, maintenance payments, and state benefits.

To apply, you need to create a Barclays account online. After this, you need to start an Agreement in Principle (AiP) to find out how much you can borrow. The next thing is to contact Barclays and schedule an appointment with an adviser. Make sure to bring an identification card and proof of income. Afterward, you can fill out the application form and track its progress online.

Taking out a mortgage isn’t a bad thing as you only need to borrow an amount to afford a new house. Over a period of time, you can pay off everything you owe and have a property under your name. To learn more, visit the website of Barclays today.

How to Contact Barclays Mortgage

Head office: 1 Churchill Place, London E14 5HP

Telephone: 0800 022 4022

Disclaimer: There are risks involved when applying for loans. Please see the banks Terms and Conditions page for more information.

No posts to display