Barclays cuts rates

Sam Cordon

September 30, 2013

The new products, which are available up to 90% LTV, include a 3.99% 2-year fixed with a £999 fee and a 4.29% 2-year fixed rate fee free option.

Barclays has also expanded its Great Escape range with a raft of new products. However some rates in the range have been raised with the 5-year fixes for up to 60% LTV increasing from 2.99% to 3.09% for loans between £100,000 and £1,000,000 and from 3.19% to 3.29% for loans between £50,000 and £100,000.

The 3-year fixed rate for Help to Buy has been cut from 3.49% to 3.19%.

Andy Gray, managing director of Mortgages for Barclays, said: “These changes are about ensuring we continue to offer good fixed rate mortgages to give customers some greater certainty with their mortgage payments – we expect demand for short term mortgage rates to remain strong which is why we’re passing on the benefits of lower rates to these borrowers.

“We’re continuing to look at ways in which we can help first time buyers get on the property ladder and with nearly £30bn of mortgages maturing before the end of the year, we’ve also extended our Great Escape range to really help those borrowers looking to save money by remortgaging now”

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