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Barclays launches deals to help SVR shock

Barclays is to launch four fixed rate mortgages tomorrow which are designed to attract remortgage business from customers hit by other lenders’ increased standard variable rates.

Yuan Phoon, 23 April, 2012

The deals include a 2-year Great Escape remortgage package priced at 3.89% and available at 70% loan to value, with no application fee, free legal work, free valuation and £300 cashback for customers who switch their mortgage to Barclays.

Other additions across the residential range are a 2-year fix at 60% LTV priced at 3.49% and 3.59% available at 70% LTV, and a 3-year fix available at 3.89% at 70% LTV.

The deals allow borrowers to remortgage using Barclays' Switch and Save which offers free legal work and valuation or £200 cashback.

Andy Gray, head of mortgages at Barclays, said: "These new deals are about helping thousands of borrowers to act to reduce their largest monthly financial commitment, their mortgage. As customers with other lenders see an increase in their SVR this is about helping them make essential savings.

"A borrower with a mortgage of £150,000, switching from an SVR of 4.79% to the Great Escape fixed at 3.89% could save around £1,800 over two years if base rate continues to stay at 0.50%."

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