Mortgage News
Barclays raises rates 25 basis points to maintain service levels
Barclays is increasing rates on a selection of purchase and remortgage products to help manage service.
It comes after the lender yesterday pulled its core range of 75 per cent loan to value (LTV) deals.
As part of the rate changes its 2.95 per cent five-year fee-free fix at 85 per cent LTV will rise to 3.2 per cent.
And the five-year 60 and 80 per cent LTV mortgages with a £999 fee will jump from 1.42 per cent and 1.98 per cent to 1.65 per cent and 2.24 per cent respectively.
Changes will take effect from tomorrow and brokers have until 10 October for submitting applications on applications with a case booking.
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The lender has been facing significant demand this week and with its allocated tranches of products running out early in the day several times.
In the message to brokers explaining the rate change, Barclays said it had closed its booking system this morning but had re-opened with a limited allocation at 2:15pm.