The Bank of England has today announced a reduction in Bank of England base rate (BEBR) by 0.50% to 0.25%

Your clients applying for a new Barclays mortgage

As our tracker rate mortgage products track the Bank of England Base Rate (BEBR), from tomorrow, Thursday 12th March, the reference rate for new mortgage customers will be 0.25%. We can also confirm that the stress rates we use to assess affordability for Residential and BTL lending will decrease by 0.50% accordingly.

Your clients with an existing Barclays mortgage

For existing Barclays tracker and variable rate mortgage customers, the reduced reference rate of 0.25% will come into effect from Wednesday 1st April. If you receive enquiries from your clients with an existing tracker or variable rate Barclays mortgage, you can let them know that we’ll be writing to them during March to explain their new payment amount and how this impacts their mortgage interest and balance.

Our rate sheets, application systems and affordability calculators on our websites have all been updated to reflect this.