When you create a Tembo plan, you'll get a free, downloadable Mortgage In Principle for each of the schemes you could qualify for.
Create your own free, personalised plan to see the best way for you to remortgage, including if you should stay with Barclays or change to another provider.
Barclays offers a wide range of mortgage products, including fixed-rate and tracker mortgages for first-time buyers, home movers, remortgagers and buy-to-let customers. They also offer some niche products including family offset mortgages, 95% mortgages for first-time buyers with smaller deposits, and shared ownership.
As with any provider, whether Barclays is the best mortgage lender for you depends on your affordability and unique circumstances, what mortgage products you're eligible for, and what the market is currently like. An expert mortgage broker like Tembo can help you navigate these factors to ensure you get the best mortgage deal for you.
Like most mortgage lenders, Barclays offers a range of mortgage products with different eligibility criteria. How much you could borrow for a mortgage depends on which products you're eligible for, your household income and deposit, and other factors like your credit score, employment type, and outgoings. But typically you can borrow between 4-4.5 times your income, although some applicants may be able to borrow more than this.
By creating a free Tembo plan, you can see what you could be offered for a mortgage by Barclays and other providers without applying.
If you currently have a Barclays mortgage, you can make an overpayment of less than three times your usual monthly payment without incurring a fee. If you'd like to make a larger overpayment, you'll need to check your mortgage offer letter to see if there'll be a fee. So for example, if your monthly mortgage costs are usually £800, you can only make an overpayment that is less than £2,400 without being hit by a charge.
Mortgage Advisor at Tembo
Barclays is a reputable mortgage provider in the UK, holding a 10% market share. Their mortgage rates tend to be competitive in comparison to other lenders, with deals for LTVs between 60% to 100% through a Savings as Security mortgage for first time buyers. For homeowners looking to remortgage, they offer up to 85% LTV.
However, Barclays is only rated 1.4 out of 5 from almost 10,000 reviews on Trustpilot, which is comparable to other well-known lenders like NatWest, Nationwide, Santander, and HSBC. They were rated more favorably by Which?, who gave them a middling 65% customer score.
Unlike lenders like HSBC, Barclays also offers more niche products for customers who may have affordability hurdles or a complicated situation that prevents them from using a standard mortgage. This includes family-supported mortgages, gifted deposits, green mortgages, and shared ownership mortgages.
Barclays does offer guarantor mortgages, including other support schemes like family springboard mortgages and joint borrower sole proprietor setups. But whether their products are right for you and your family depends on your unique affordability, as well as what mortgage products you qualify for. Working with a mortgage broker who specialises in guarantor mortgages can help you navigate lenders' different eligibility criteria and find the best deal for you from across the market.
Unsure which mortgage deal to go for? Buying your first home can be confusing and overwhelming. Get help from the experts.
Coming to the end of your current deal? Remortgage onto a new one with our help. We'll show you whether you should stay with the same lender, or switch.
Upsizing to your forever home? Or maybe you're downsizing to something more manageable. Whatever your reason for moving, we can help you find the best deal for you.
Thinking of becoming a landlord? We can help you discover the best buy to let mortgage deal for you and how you could boost your mortgage affordability.
4 simple steps to buying your first home or remortgaging
Check your eligibility for a range of mortgages and buying schemes, and get a personalised recommendation with interest rates and repayments in under 10-minutes.
Book a call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the mortgage deals and budget-boosting schemes we advise on.
Next, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
Your Tembo advisor will be on hand to ensure everything runs smoothly, so you can move onto your new deal as quickly as possible.