Barclays slashes rates
The new deals are a 2-year fix at 2.89% up to 75% LTV and a 5-year fix of 3.49% up to 60% LTV, while with its pre-existing 2-year 85% LTV mortgage has been reduced by 0.50% to 3.49%
Borrowers are encouraged to remortgage from a lenders current standard variable rate as the great escape mortgage incurs a £0 application fee, free legals, free valuations and £200 cashback towards an existing lender’s exit fee.
Barclays expects the current uncertainty over Bank of England base rates to fuel the remortgage market for the rest of 2014, as an estimated 285,000 mortgage customers will come to the end of their existing deals between August and December.
Andy Gray, managing director of mortgages for Barclays, said: “We’re delighted to be able to offer some new and lower rate products to those wishing to remortgage.
“We want to help our customer’s make their money go further so remortgaging in particular could potentially provide a reduction in monthly repayments, peace of mind over their mortgage future or even helping people to repay their mortgage quicker.
“Additionally, we are also really pleased to offer some lower rate products to support both first-time buyers and offset customers, two very important market segments.”
On its 2-year fixed rate products Barclays has reduced rates by 0.15% to 2.39% at 75% LTV and 0.05% to 3.19% at 85% LTV.
On trackers its 2-year 60% LTV mortgage has been slashed by 0.20% to 1.29%, while its 70% 2-year LTV has been reduced by 0.19% to 1.49%.
With its 95% LTV family springboard mortgage, where a family member opens a savings account linked to the mortgage, the rate has been slashed by 0.20% to 3.79%.