Barclays

Barclays now operates in over 60 countries, and has been involved in banking for over 300 years. Barclays is a financial services group based in UK, with a large international presence in Europe, the USA, Africa and Asia. It is one of the largest financial services companies in the world in terms of market capitalisation. Barclays has more than 2,000 branches in the UK alone, and it employs more than 110,500 permanent employees worldwide. The Woolwich is part of Barclays.

The following types of mortgage products are available at Barclays:

• Fixed Rate
• Tracker
• Discount
• Offset
• First Time Buyers

Fixed Rate: your starting rate is set at a fixed rate for 2, 3 or 5 years. After the fixed rate interval is over, your mortgage will go back to a rate linked to the Barclays Bank base rate.

• You can borrow more money at mortgage rates this is a Mortgage Reserve
• You could apply to make overpayments or underpayments or take a payment holiday
• An application fee will apply
• An early repayment fee will apply; however, you can overpay up to 10% per year during the fixed rate period

Tracker: your rate is variable and will rise and fall according to Barclays Bank base rate for the entire mortgage term.

• There is no early repayment charge
• An application fee will apply

Discount: your starting rate is set at discount for 2 years off the Woolwich standard variable rate. After the discount period is over your mortgage will relapse to the Woolwich standard variable rate for the remainder of the mortgage term.

• You have the option of borrowing more money at mortgage rates this is a Mortgage Reserve
• There is no early repayment charge
• An application fee will apply

Offset: you make repayments only on the difference between the offset of your current and savings accounts against your mortgage balance. You could repay less each month and ultimately repay your mortgage faster.

• You have the option of borrowing more money at mortgage rates this is a Mortgage Reserve
• There is no early repayment charge
• An application fee will apply

Barclays also has mortgages just for First Time Buyers, where you can get a 2-year stepped tracker mortgage or 3 year fixed mortgage.

Fixed: your starting rate is fixed for 3 years. After the fixed rate term is finished your mortgage reverts to the variable Barclays Base Rate.

• There is an application fee
• This product has a cashback option
• An early repayment charge for the fixed rate period

Stepped Tracker: your rate is linked to the variable Barclays Bank base rate. It is set +1% for the first year and +1.25% for the second year. It then rebounds to a rate above the Barclays Bank base rate for the rest of the mortgage term.

• There is an application fee
• This product has a cashback option
• An early repayment charge will apply

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