Barclays has announced some significant mortgage rate cuts along with the launch of some highly competitive new products for the remortgage market designed to save customers money on their monthly mortgage payments.
New residential products launched today include a two-year tracker at Barclay’s Bank Base Rate + 0.79 per cent at up to 60 per cent LTV (pay rate is 1.29 per cent), a two-year fixed rate of 1.79 per cent at up to 70 per cent LTV, and a five-year fixed rate of 2.79 per cent at up to 70 per cent LTV. Each of these new remortgage products comes with a £999 application fee.
Barclays has also announced rate cuts on some of its Great Escape products and buy-to-let products.
Andy Gray, managing director of Mortgages for Barclays, says: “The lead up to Christmas is typically an expensive time for households – we wanted to do our bit to help people save money with the launch of some of the lowest residential remortgage rates in the market.
“As well as this, we are boosting the savings available on our Great Escape range and looking to help save landlords money too with rate cuts on our Buy-To-Let range.
“With Christmas looming, now is an ideal time for homeowners and landlords to review their mortgage to see if they could save money and reduce their monthly outgoings. For example, a client with a £150,000 mortgage balance moving from a market average SVR of 4.4 per cent to our 1.79 per cent 2 year fixed could save £3,914 over two years.”
