Barclays is starting the New Year by smashing down its rates and will introduce UK’s lowest ever ten-year fixed rate mortgage at 2.99 per cent for up to 60 per cent LTV from tomorrow (8 January).
The bank is also launching a new two-year tracker at Barclay’s Bank Base Rate + 0.89 per cent at up to 60 per cent LTV, offering the lowest follow on rate of BBBR of +1.99 per cent.
Andy Gray, managing director of mortgages for Barclays, says the new short-term tracker product could help a homeowner with a £150,000 mortgage balance with a market average SVR of 4.4 per cent save up to £4,595 within two years.
Barclays is changing the rates on a range of short- and medium-term products as well, which, according to Gray, the bank is confident will be “extremely appealing” to borrowers.
|
Product |
LTV (%) |
Old Rate |
New Rate |
Application Fee |
Min Loan |
Max Loan |
| Fixed Rates | ||||||
|
2 year fixed |
60 |
1.81% |
1.77% |
£999 |
£5,000 |
£1,000,000 |
|
2 year fixed |
60 |
NEW |
1.99% |
£0 |
£5,000 |
£150,000 |
|
2 year fixed |
65 |
1.78% |
1.69% |
£1,999 |
£500,000 |
£3,000,000 |
|
2 year fixed |
75 |
NEW |
2.29% |
£0 |
£5,000 |
£150,000 |
|
5 year fixed |
60 |
2.85% |
2.49% |
£999 |
£5,000 |
£1,000,000 |
|
5 year fixed |
60 |
NEW |
2.89% |
£0 |
£5,000 |
£150,000 |
|
5 year fixed |
65 |
2.75% |
2.39% |
£1,999 |
£500,000 |
£3,000,000 |
|
5 year fixed |
75 |
NEW |
3.25% |
£0 |
£5,000 |
£150,000 |
| 10 year fixed |
60 |
3.45% |
2.99% |
£999 |
£5,000 |
£1,000,000 |
| Variable Trackers | ||||||
|
2 year tracker |
60 |
NEW |
BBBR+ (0.89%) |
£999 |
£5,000 |
£1,000,000 |
