Credit Building > How do Barclays Premier mortgages work?

How do Barclays Premier mortgages work?

Wollit Team1 minute read · Updated 30th June 2024

Barclays Premier Mortgages offer exclusive rates and benefits to eligible customers in the UK. Let’s look at how these mortgages work, including who is eligible for them.

What are the benefits of Barclays Premier mortgages?

Premier Banking offers a range of exclusive benefits, including:

A wide range of exclusive rates for buying, remortgaging, or switching your mortgage.
A dedicated line for customer service and support from Barclays mortgage experts.
Exclusive deals on other products, like investments, savings, and loans.
And even free daily treats, such as free coffee or other perks.

Who is eligible for Barclays Premier mortgages?

To be eligible for Barclays Premier Mortgages, you must meet certain criteria.

First, you’ll need to have a total balance of at least £100,000 in savings with Barclays, investments, or a mix of both.

If your balance drops below this amount, you will be notified by Barclays and your mortgage eligibility will be affected.

Second, you must also have a gross annual income of at least £75,000.

However, besides these minimum thresholds, your credit score matters as well.

In fact, credit scores play a major role in determining mortgage eligibility, and especially for the Premier Mortgages.

Luckily, now there are many apps that can help you build and improve credit.

One such app is Wollit. Wollit is an app available both on Android and iOS, and it works by reporting a fixed-fee monthly subscription as a loan repayment to all three credit reference agencies. This helps you build your credit history and directly influences your credit score.

On top of this, Wollit can also report your monthly rent payment to Experian. This can add another line in your credit report that shows Barclays that you’re reliable and pay your bills on time, helping you make the most of your rent while you prepare to become a homeowner.