Barclays products target borrowers hit by SVR hikes

Barclays has launched four fixed rate mortgages for borrowers hit by SVR hikes.

The deals include a two-year Great Escape remortgage product at 3.89% up to 70% LTV, which allows customers to switch their mortgage to Barclays with no application fee, free legals and valuation, and £300 cashback.

Other additions across the residential range include a two-year fixed rate at 3.49% at 60% LTV and a 3.59% deal up to 70% LTV.

A three-year fixed rate is also available at 3.89% up to 70% LTV.

These deals allow borrowers to remortgage using Barclay’s switch and save service, which offers free legals and valuation or £200 cashback. All deals revert to a lifetime tracker of base plus 3.39%.

Andy Gray, head of mortgages at Barclays, says: “As other lenders’ customers see their SVR rise, this is about helping them make savings. If a borrower with a £150,000 mortgage switched from an SVR of 4.79% to a 3.89% fixed rate they could save around £1,800 over two years if the base rate stays at 0.50%.”