Barclays purchase, remo and switcher rates going up tomorrow (12th October)

K_S

Barclays have just now notified brokers that they're upping rates from tomorrow across new-business and existing-customer ranges.

Barclays allows brokers to 'reserve' a rate for a few days so if you have any applications ready to go or are mulling over a recommendation, get in touch with your broker so they can secure the rate before it is pulled. 

Please note that this only applies to intermediary (broker) products and may or may not be the same direct.



A small sample of the hikes -

simon_or

All the increases look quite substantial 0.7 to 0.8%.

Is this because their rates were 'too good' compared to the other high street banks?

JMA74

simon_or said:

All the increases look quite substantial 0.7 to 0.8%.

Is this because their rates were 'too good' compared to the other high street banks?

not really, they are pretty similar to other lenders at the moment. Perhaps sourcing a bit too generous on existing customer stuff but new business is pretty average
Could be a prediction from them of rises to come. Or could just be controlling business volumes as they are slipping back quite a bit.  They've always done a funds booking system to manage the numbers of cases coming in to try keep to 5 working days for reviews, they are currently sitting at 7 working days so could just be trying to slow things down