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Barclays pulls 75 per cent LTV deals

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  • 30/09/2020
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Barclays pulls 75 per cent LTV deals
Barclays is withdrawing its core range of 75 per cent loan to value (LTV) products tonight as it aims to manage its service levels.

 

Advisers who have already booked a case for one of the products will have until Friday 9 October to submit a full application.

Brokers wishing to book a case must submit a mortgage information sheet by the close of business today – however Barclays has warned that it expects today’s case booking limit to be reached earlier than normal.

On Monday the lender also announced it was removing a popular 85 per cent LTV deal.

In a notice to brokers today about the latest withdrawals, Barclays said: “For any new cases, which are yet to progress to successfully receive a booking, you will need to have secured a booking today.”

It noted that since reintroducing daily case booking limits, its booking desk has remained available late into the afternoon and evening on weekdays.

Barclays continued: “However please be advised that this week, due to the product withdrawal announced on Monday, our daily case booking limit has been reached prior to the early afternoon, and we anticipate that today’s booking limit will similarly, be reached earlier than normal today.”

 

Support service levels

Barclays said it was “streamlining the product range” to “further support our commitment to delivering a consistent service” and that it expected it to be a temporary measure.

“We can confirm that this is a short-term change as we expect to communicate new product options in due course,” it added.

The lender noted that it was maintaining a four working day time for underwriters to review new applications and that brokers should not contact it for an update within a week of case submission.

It added that to ensure applications progress effectively, brokers should provide all packaging requirements ahead of the initial underwriter case review.

 

The products withdrawn are:

For purchases, the fee-free two-year and five-year deals at 1.85 per cent and 1.99 per cent respectively.

For remortgages, the fee-free two-year and five-year deals at 1.82 per cent and 1.84 per cent respectively.

For purchase or remortgage five products are being removed including: a pair of two-year trackers at 1.67 per cent with £999 fee and 1.36 per cent with £1,999 fee; a two-year fix at 1.59 per cent with £999 fee.

And a three-year fix at 1.89 with no fee and a five-year fix at 1.79 with £999 fee.

 

 

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