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No. Barclays exited the US mortgage market in 2010 when they sold HomEq Servicing to Ocwen for $1.3 billion. Today, Barclays' US operations are limited to credit cards (including co-branded airline and retail cards), high-yield online savings accounts, and CDs. They have no physical US branches, no mortgage origination, and no plans to re-enter the US residential lending market. In the UK, Barclays does offer mortgages, which may be the source of confusion for some searchers.

Barclays acquired HomEq Servicing from Wachovia in 2006 for $469 million. HomEq serviced approximately $28 billion in residential mortgage loans, primarily in the subprime segment, from facilities in California and North Carolina. After the 2008 financial crisis devastated the subprime market, Barclays sold HomEq to Ocwen Loan Servicing in May 2010 for $1.3 billion, fully exiting the US mortgage business.

Several top-rated US lenders offer home equity loans and HELOCs with competitive rates and fully online applications. The lenders listed above are independently reviewed and ranked based on rates, fees, customer service, and online experience. Many offer rate-check tools that don't impact your credit score, so you can compare offers before committing.

Current rates are near 3-year lows, with the average HELOC at 7.11% and home equity loans at 6.95% as of February 2026. The Fed has cut rates by 175 basis points since September 2024, and analysts expect 1-3 additional cuts this year. If you choose a HELOC, the variable rate will automatically decrease with future Fed cuts — no refinancing needed. Meanwhile, US homeowners are sitting on $11.5 trillion in tappable equity, yet accessing only 0.41% of it — suggesting most are leaving significant value on the table.

A HELOC offers more flexibility — you draw funds as needed and the variable rate drops automatically when the Fed cuts rates. A home equity loan gives you a lump sum at a fixed rate for predictable payments. In 2026's declining-rate environment, many experts favor HELOCs because they capture rate decreases without refinancing costs. However, if you need a fixed amount for a specific project and prefer payment certainty, a home equity loan at today's low fixed rates (avg. 6.95%) is also a strong option.

Most lenders require at least 15-20% equity in your home. For example, if your home is worth $400,000 and you owe $200,000, you have 50% equity ($200,000). Lenders typically allow you to borrow up to 80-85% of your home's value minus your remaining mortgage balance. A credit score of 620-680 is the typical minimum, though the best rates go to borrowers with 740+.

Yes, if you use the funds to buy, build, or substantially improve the home that secures the loan. Under current tax law, you can deduct interest on up to $750,000 of total mortgage debt (including your first mortgage and home equity loan combined). This is a significant advantage over personal loans and credit cards, where interest is not deductible. Consult a tax professional for your specific situation.

Our editorial team has provided independent financial journalism for over 50 years. Every lender recommendation reflects 200+ hours of research per category, covering rates, fees, customer experience, and regulatory history. Our team includes Emmy-nominated journalists and experts whose work has appeared in the Wall Street Journal, NPR, and ABC News. We are transparent about advertising partnerships — see the disclosure at the top of this page.