Barclays launches stepped mortgages
The bank is offering a 90% LTV 3-year fix at 3.49% for the first year and 4.19% for the remaining two, and a 90% LTV 5-year fix at 3.59% for the first year and 4.19% for the remaining four years.
Andy Gray, managing director of mortgages for Barclays, said: “We know that when moving into a new home, decorating and buying new furniture can be expensive.
“Our new stepped fixed rate mortgage is creating greater opportunities for new homeowners to get on the property ladder during 2015, and we hope will help homeowners manage their finances in their first year a little more easily.”
Products come with no application fee, while the loan amount must be between £5,000 and £500,000.