Barclays cuts rates

Sarah Davidson

November 26, 2014

The bank also released a 2-year tracker to 60% LTV at 1.29% – or 0.79% above the Bank of England base rate.

Each remortgage product comes with a £999 application fee.

On its ‘Great Escape’ range, where products incur no application fee, free legals and valuations, its 70% LTV 2-year fix has been reduced by 0.24% to 2.25% and its 5-year fix has been slashed by 0.50% to 2.99%

Its buy-to-let 5-year fixes to 75% LTV have been cut by 0.50% to 3.99% and 0.40% to 4.49%, with the former incurring a £1999 application fee.

Andy Gray, managing director of Mortgages for Barclays, said: “The lead up to Christmas is typically an expensive time for households – we wanted to do our bit to help people save money with the launch of some of the lowest residential remortgage rates in the market.

“With Christmas looming, now is an ideal time for homeowners and landlords to review their mortgage to see if they could save money and reduce their monthly outgoings.

“For example, a client with a £150,000 mortgage balance moving from a market average SVR of 4.4% to our 1.79% 2-year fixed could save £3,914 over two years.”

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