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Barclays launches deals for borrowers hit by SVR hikes

Barclays is launching four fixed rate mortgages tomorrow, designed for borrowers who have been hit by SVR hikes.

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

Other additions across the residential range are a two-year fixed at 60% LTV priced at 3.49% and 3.59% – up to 70% LTV, also a three-year fixed is available at 3.89% up to 70% LTV.

These deals allow borrowers to remortgage using its switch and save service which also helps with remortgage costs, offering free legal work plus a valuation or £200 cashback.

Andy Gray, head of mortgages at Barclays, says: “These new deals are about helping thousands of borrowers to act to reduce their largest monthly financial commitment, their mortgage.

“As customers with other lenders see an increase in their SVR this is about helping them make essential savings. A borrower with a mortgage of £150,000, switching from an SVR of 4.79% to the Great Escape fixed at 3.89% could save around £1,800 over two years if base rate continues to stay at 0.50%.”

All these deals revert to a lifetime tracker of base plus 3.39%.

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