Barclays to cut rates

Robyn Hall

January 30, 2013

The reductions include a drop of 0.25% on its 2-year Great Escape remortgage package from 3.99% to 3.74%.

Other highlights include a cut from 3.49% to 3.35% on its 2-year fixed and a 0.50 percentage points to base +2.49% drop on its 2-year tracker. The changes are available to customers with a 20% deposit and have a £999 application fee, dropping to £499 for borrowers who qualify for a Barclays loyalty mortgage.

Andy Gray, managing director of mortgages for Barclays, said: “This is a real boost for UK homebuyers, giving them access to cheaper mortgage deals, brought about by the combination of the low base rate and the continued benefits of the funding for lending scheme.

“We know that remortgaging remains an untapped opportunity for many SVR customers who are missing out on the potential savings by reviewing their mortgage. The reduction to our Great Escape remortgage package is designed to get this market moving by giving customers access to even greater savings.”

This is the second time this month that Barclays has reduced its rates. It had previously cut its rates by up to 1% on 10th January.

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