Barclays launches FirstBuy deals from 4.59%
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Barclays is launching two mortgage products for borrowers participating in the government’s FirstBuy scheme.
The Woolwich deals consist of a three-year fix at 4.59% and a five-year fix at 5.49%, both of which come with a £299 application fee and revert to a lifetime tracker of base rate + 2.99% at the end of the term.
The FirstBuy scheme provides first-time buyers who have a 5% deposit with 20% equity loan split between the government and a housebuilder.
Woolwich is also reducing rates across a number of its existing mortgage products by up to 0.50%.
For example, its two-year fixed rate Great Escape remortgage deal, available up to 85% LTV, has been reduced from 4.69% to 4.19%.
Andy Gray, head of mortgages at Barclays, says this is the sixth time the lender has made reductions to its mortgage rates, and borrowers should review their mortgage now as it is impossible to say how long these low rates will be available for.
He adds: “These latest deals provide borrowers with the opportunity to lock in at a great rate now and protect themselves against future base rate increases.”
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