Barclays raises LTV to 80% on Great Escape deal
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Barclays is extending the LTV on its Woolwich Great Escape remortgage package to 80% from January 6 2011.
The Great Escape LTV was extended from 70% to 75% in November 2010, and is now being extended to 80% LTV.
The new package is a lifetime tracker mortgage at base +3.18%.
The 70% and 75% deals remain at base +2.38% and base +2.58% respectively.
Andy Gray, head of mortgages for Barclays says: “Our latest estimate is that there are still 800,000 borrowers who are sitting on lenders SVRs who could benefit from switching.
“With the start of the New Year, this is an ideal time for people to review what rate they are on and take action now to cut the cost of their monthly mortgage payments. It’s predicted that base rate will remain at 0.50% for the majority of 2011, so anybody delaying the decision to ditch SVR will continue to pay much more than they need to this year.”
He adds: “The Great Escape package removes the fees for borrowers, so they can switch across from their current lender without being out of pocket. This has already proved popular as our remortgage applications have jumped by over 40%, freeing thousands of borrowers from their SVR, saving them £11m over the next two years.”
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