Barclays increases max LTV for offset deals to 75%

Barclays will tomorrow raise the maximum LTV for its two-year offset products from 70 to 75 per cent, as part of several changes the bank is making to its mortgage range.

The loyaty offset tracker mortgage, for customers with a Barclays current account, remains priced at base rate plus 2.29 per cent while the lifetime offset tracker has been reduced 20 basis points to base rate plus 2.69 per cent. Both deals carry a £1,499 application fee.

Barclays has raised the rates on its 85 per cent LTV two-year fixed product from 3.25 per cent to 3.39. The two-year fixed (loyalty) mortgage has an application fee of £499 while the normal two-year fixed has a £999 fee attached.

Rates have also risen from 2.88 per cent to 2.95 for a five-year fixed and five-year fixed (loyalty) deals, available up to 60 per cent LTV. There is a £999 fee attached to the standard product while the loyalty product charges the lower £499 fee.

A three-year fix, available to 80 per cent LTV will be priced at 3.09 per cent – a 15 basis point reduction from 3.24. A £499 application fee is payable.

Barclays managing director of mortgages Andy Gray says: “We’re extending our fixed rate borrowing terms by three months to ensure that any new customers coming on board receive the full benefit of the term they apply for.

“In addition we are cutting rates on our three-year fixed rate product to continue to offer our customers access to lower rates.”