Barclays Mortgage

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Last updated on 17 February 2022.

Barclays plc is one of the UK’s largest banks, offering a wide range of mortgages to suit a variety of needs. Whether you’re a first-time buyer, remortgaging or looking to buy to let, there are a range of products and rates to consider.

Here, NerdWallet looks at the types of Barclays mortgages available and what to look out for when you apply for one.

Barclays Mortgage Rates

Barclays initial interest rates can vary depending on the type of mortgage you apply for, as well as other factors. For example, the rate offered will differ between short- and long-term mortgages, as well as between fixed-rate and variable rate products.

Individual circumstances can play a role in determining the interest you can expect to pay. Not only should you consider the initial rate, but also the follow-on rates after your deal expires.

Barclays Mortgage Products

Barclays offers various types of mortgages for the different requirements you may have. These can be fixed or variable, and short or long-term. For example, some mortgages can be taken out with a sizable deposit, while others can have loan-to-value (LTV) ratio of 95% – where the home buyer will pay a deposit of just 5%.

Typical mortgages Barclays offer include:

  • first-time buyer
  • remortgaging
  • moving home
  • buy to let

Within these products, Barclays also offers a range of options, which will depend on the size of loan you are looking for, the size of your deposit, as well as how you plan to use the property you are buying. For example, Barclays offers mortgages to reflect different LTV ratios, based on the deposit you have and the value of the home you are buying.

Barclays Mortgage Application Process

The Barclays mortgage application follows more or less the same steps as with other lenders. Take a look at this guide to the key stages of the process:

  • Get a decision in principle. Providing details about your situation, including your income, regular outgoings and deposit, will enable Barclays to issue an Agreement in Principle, if they deem you to be a potential borrower.
  • Find a property. Once Barclays has issued a decision in principle, you can find the right property for your budget.
  • Apply for your mortgage with Barclays. Once you have chosen a property, you can start your mortgage application.
  • Mortgage process. You will generally work with a solicitor or licensed conveyancer to complete on your Barclays mortgage. The mortgage process will include a more thorough check of your financial circumstances, as well as arranging the transfer of the home you are purchasing to your name.

NerdWallet can help you to compare various mortgages from a range of providers, including Barclays. Find out more by comparing deals using our mortgage comparison tool.

Barclays Mortgage Customer Service

If you would like to contact Barclays customer services to discuss your mortgage, there are several ways to get in touch.

Barclays Track It is a service that allows borrowers to track the progress of their mortgage application online. With Track It, you will receive a case reference number that you can use to quickly check on where your application is, which could save you time on the phone.

If you require real-person support with your mortgage application, Barclays also offers a dedicated mortgage phone number that is open between 8:30 and 5:30 from Monday to Friday, and between 9am and 1pm on Saturdays – you can call 0800 022 4022 to get in touch.

For existing and potential customers, Barclays also has a support hub where it answers common FAQs, which may come up during the process. Existing customers can also phone 0333 202 7580 from Monday to Sunday between 7am and 8pm, excluding public holidays.

Barclays Mortgages FAQ

Who is Barclays?

Barclays traces its roots back to 1690 in the City of London, and took the name Barclays in 1736 when James Barclay – the son-in-law of one of the two original founders – became a partner. It launched the UK’s first cash machine in 1967 and the UK’s first debit card in 1987.

How does a Barclays mortgage work?

A mortgage is a type of loan used to cover the costs of a property purchase. You can take out a mortgage if you don’t have the funds to buy a property outright. A mortgage from Barclays or any other lender is a secured loan, meaning that if you cannot repay the loan, then your property may be repossessed as it is used as collateral against the loan.

What is the initial rate for a Barclays mortgage?

The initial interest rate of a mortgage is the interest you’ll pay during the introductory ‘deal’ period of your mortgage. Once that ends, you will move on to the bank’s Standard Variable Rate (SVR).

Initial rates on a Barclays mortgage can vary, depending on the term length and whether the mortgage is a fixed-rate or tracker rate deal. Typically, tracker mortgages can offer some of the lowest initial interest rates, while products such as the Barclays Family Springboard mortgage – where family and friends help out with the deposit – has one of the highest rates.

Initial rates on Barclays mortgages will vary over time and are subject to change, so always check the official Barclays website for updates.

What eligibility criteria do I have to meet?

Barclays will expect you to be able to put a deposit down on the property you wish to purchase before it will agree to a mortgage loan. You’ll also need a good credit score and proof that you can keep up with the demands of the monthly repayments.

Certain eligibility criteria will be checked, whichever Barclays mortgage you are applying for. For a residential mortgage, you can expect the criteria to include:

  • You must be 18 or over and usually under 70 when the loan term ends.
  • The property must be in the UK.
  • Potential borrowers will need to provide documents to prove their income. This can include income from work, pensions or investments. You should also mention any other income you receive, for example, overtime, bonuses or state benefits.
  • You will also need to confirm your regular financial commitments, including any credit agreements and home and family maintenance costs.

Check out the Barclays official website to view more criteria for specific mortgage products.

Does Barclays have a mortgage app?

If you would like to keep track of your mortgage with Barclays on the go, you can do so by downloading the Barclays app directly on to your smartphone.

It is available to iOS and Android users via the App Store and Google Play respectively. Users must have an existing current account to track mortgages on the app.

Does Barclays offer mortgage holidays?

Until 31 October 2021, Barclays offered mortgage holidays for existing customers, as part of the Coronavirus help and support plan. This scheme was designed to assist customers whose income may have been affected during the pandemic, who wished to delay repayments on the outstanding balance for their interest-only or part-and-part mortgages with Barclays.

Can you overpay on Barclays mortgages?

Yes. Mortgage overpayment is an option whereby you may choose to pay more on your mortgage than originally set out in your mortgage agreement if you find yourself in the position to do so. There may be limits to how much you can overpay by.

Before going ahead with overpayment, make sure that you check mortgage documents to verify whether you are eligible, and what your overpayment limits may be, to avoid facing charges for overpayment or early repayment.

There are several options for those who want to overpay on a Barclays mortgage, including one-off payments, transferring from other Barclays accounts, by debit cards or by transferring from an account with another bank. It is also possible to set up regular overpayments, using a direct debit or standing order.

Before making an overpayment, be sure to check the terms of your mortgage to confirm whether you will face any charges. If you have any questions, it may also be worth getting in touch with Barclays directly to confirm.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE