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 and have shared the responses with IFA Magazine.
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.”
Samuel Ewen, Managing Director at Rosehill Financial Services: “We’ve received the same email regarding the increase in rates, and to make matters worse their systems seem to have crashed. We have a client we’re trying to apply to Barclays for, and if the system issues persist, unless they honour the rates, we’ll miss the window.
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.”