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Barclays announces new rates

ended 09. March 2023

Barclays is increasing the rates on a selection of 2- and 5-year fixed rate products within its Residential Purchase and Remortgage new lending ranges, effective tomorrow, Friday 10th March. The new rates can be seen >> here <<. Free PR platform, Newspage, asked brokers for their thoughts.

4 responses from the Newspage community

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Gary Boakes
Director at Verve Financial
We've now had HSBC, Accord, Platform and Barclays come out with rate increases this week. This is not a surprise with the increase in swap rates and the impending Budget and likely base rate increase of 0.25%-5%. In the short term, the market was always going to have its up and downs while inflation and the Bank of England base rate were high. I fully expect more lenders to follow suit this and next week.
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Gareth Davies
Director at South Coast Mortgage Services
We need to get used to this. Any lender that regularly sits at Number One of the sourcing tables won't want to stay there for too long. This has been evident with Platform, HSBC, Virgin, Nationwide and now Barclays.
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Graham Cox
Director at Bridging Hub
Rising swap rates seem to be the primary cause as several lenders have increased rates this week. Swaps rose approx 0.7% in February, yet Barclays have pushed up their mortgage rates by just 0.2-0.32%. So there's clearly an attempt to 'hold the line' and keep rates as low as possible in a slow market.
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Jamie Lennox
Director at Dimora Mortgages
It was only a matter of time before Barclays pulled the plug on some of the rates being offered. They've been offering some competitive options and with the recent increases seen with swap rates, this was the inevitable outcome.