Barclays revamps mortgage range and lowers fees
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Barclays is introducing a number of new mortgage deals tomorrow and lowering the fees on a number of its deals.
These include the introduction of a three-year fixed rate at 3.99%, 70% LTV, with a lower application fee of £499.
Sitting alongside the 3.99% three-year fixed rate at 70% LTV will be a max 80% LTV option priced at 4.68%, also with a lower application fee of £499. For loans up to 85% LTV the application fee has also been cut to £499.
On the loyalty range a five-year fixed rate up to 85% LTV has been introduced for 5.48%.
Three cuts will also take place on the two-year fixed rate mortgage range - at 70% LTV the rate will be cut from 3.35% 3.28% with a £999 fee. The equivalent loyalty rate for Barclays current account customers will reduce from 3.28% to 3.18% and finally for customers looking at loans above £250,000 the rate will be cut from 3.18% to 3.08%.
Andy Gray, head of mortgages for Barclays, says: “The cuts today are a further response to the recent decrease in swap rates and increased competition in the market. This should give a welcome boost to homeowners at this crucial time of year for the housing market, giving those borrowers who are concerned about when and how quickly base rate will rise the security they need by way of longer term fixed rates.
“With new rates available at 85% LTV and lower fees we believe we have a number of options for customers.
“Despite lower inflation figures and less of a call for base rate to rise this month, borrowers may have some further breathing space before their payments are impacted. We would urge the thousands of borrowers who are still on their lenders SVR to make the move to a cheaper mortgage rate to offset any rises in mortgage payments. All ’Great Escape’ deals are aimed at borrowers who worry it would cost them too much to move to better rates elsewhere.
“They come with no application fee, free legal work and valuation and £300 cashback to cover the cost of a borrower’s exit fee for leaving their present lender. The deals available under Great Escape go up to 80% LTV.”
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