Barclays cut rates

Sam Cordon

July 30, 2013

The bank’s “Great Escape” range of remortgage offers has been expanded to offer savings for customers with smaller loans.

Homeowners looking to remortgage a loan of between £50,000 and £100,000 will have the option of fixing for 2-years at 2.99% up to 70% loan to value, 3.74% at 80% LTV or fixing for 5-years at 3.99% (up to 80% LTV).

Andy Gray, managing director of mortgages for Barclays, said: “The consensus is that we are approaching the bottom of the interest rate cycle, meaning fixed rates are providing incredibly good value at the moment, and handily coinciding with one of the busiest times of the year for remortgaging and house buying.

“The Barclays rate cuts and new offers give even more homeowners and buyers the chance to take advantage of the low rates, by extending the Great Escape remortgage offers to smaller loans, widening its appeal to customers sitting on standard variable rates and launching a range of purchase-only fixed rates at highly competitive rates with no fee.”

Rates are also cut on offers for loans over £100k, with the 5-year fixed rate cut to 3.74% from 3.99% and the 2-year fixed rate cut to 3.49% from 3.59%, both available up to 80% LTV.

Four new fee-free fixed rate mortgages have also been launched for purchasers, starting at 2.69% fixed for 2-years (maximum LTV 70%) or 2.99% fixed for 5-years (max 60% LTV).

Fixed rates have also been cut on the core range of mortgages across the 2, 3 and 5-year options, pushing a 3-year fixed rate down to 2.40% (from 2.55%) for loans up to 70% LTV.

Barclays has also launched a new range of tracker rate mortgages without any early repayment charges.

Starting at 1.99% above base rate (current pay rate 2.49%) for the 2-year tracker and 2.99% above base (current pay 3.49%) for a lifetime tracker (both up to 70% LTV), the range offers customers the flexibility to switch on to another mortgage at any point without an early repayment charge.

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