Barclays

Barclays is a British multinational bank that offers a wide range of banking and borrowing services. Their vast mortgage offering provides a wide range of mortgages no matter where you are in your homebuying journey.

Barclays

How much can I borrow with a Barclays mortgage?

The amount that you’ll be able to borrow with a Barclays mortgage depends on you and your personal circumstances. When deciding whether to make you a mortgage offer, Barclays will look at a whole number of factors such as your income, expenses, credit history and the condition of the home you hope to buy. To get a rough idea of how much you’re eligible for borrow, you can use an online mortgage calculator. This will give you a guide budget for your property purchase as well as an indication of how much of a deposit you need.

What size mortgage deposit will I need with Barclays?

Barclays usually require a deposit of 10% allowing you to borrow up to 90% of your property’s value. That said, they do have a mortgage guarantee scheme which allows you to apply for a mortgage with just a 5% deposit. This is available to both first-time buyers and those moving home. To apply for this scheme, you’ll need to submit your mortgage application before 31st December 2022.

What mortgage options do Barclays have if I need help with my deposit?

If you’re struggling to save up a large enough deposit, Barclays has a range of mortgage options available. These include:

  • Help to buy mortgages
  • Shared ownership mortgages
  • Family springboard mortgages

Help to buy mortgages are available through the government’s Help to Buy Scheme. These mortgages allow you to apply for a mortgage with just a 5% deposit (95% LTV). The government provides an equity loan then you borrow the rest from your mortgage provider.

Shared ownership mortgages allow you to buy a between 25% to 75% of a property from a housing association. You’ll then pay rent on the remaining amount. You can buy more of the property later on, based on the property’s value at the time.

A family springboard mortgage allows your family or friends to help you buy your home. Those who choose to help you will eventually get their money back – plus interest. Your helpers essentially put 10% of the value of your property into a specific account. This is then used as security for five years (subject to your application terms and conditions) against the amount you borrow. They’ll earn interest on the money in the account for the term agreed. At the end of the term, the amount in the account will be returned. As the borrower, this means that you could potentially get a mortgage without a deposit at all.

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