The Great Escape, launched in October 2010 and extended from 75 to 80% LTV in January this year, it is now being extended to 85% LTV.
The new 85% LTV rate is 4.69% fixed for two years. The two-year fixed rates at 70 and 75% LTV, which were cut by up to 0.15 percentage points last week, remain unchanged at 3.74%and 4.04% respectively.
All Great Escape deals 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.
For borrowers who want to opt for their own solicitor, the same rates are now available with £375 cashback, to help with legal costs, in place of the free legal work available on the Great Escape deals.
There is also an option of a new three and five-year Switch and Save deal also launched today, which provides free legal work and a valuation or £200 cashback.
The three-year fixed rate is priced at 4.99% with a £499 application fee and the five year at 5.69% with a £999 application fee. The new five year equivalent for existing current customers who qualify for a Barclays loyalty mortgage is 5.48%.
Andy Gray, head of mortgages for Barclays, says: “Since we launched Great Escape last year remortgaging has increased from a third of mortgage approvals in the market to almost half. Barclays remortgage deals are proving a real hit amongst borrowers who are planning ahead in anticipating a rise in base rate.
“Customers who have already taken advantage of the Great Escape deals will save £28m in mortgage payments over the next two years and have been able to switch across from their current lender without being out of pocket on fees.
“It’s widely predicted that base rate will increase this year so it’s important that borrowers take action this summer to secure low mortgage rates while they are still available. Over £28bn of fixed rate mortgages will mature over the next few months, adding to the one million families already on standard variable rates.
“Our Great Escape fixed rate mortgages allow customers to lock in their payments at a level below or around the rate they will be paying on SVR, saving them money now and even more in the future as rates rise.”