Barclays News Update: New Fixed Rates


Barclays News Update: launch of a five year fixed rate mortgage deal for customers to take advantage of. This latest offer will be geared at 2.99%.

Barclays News Update:

Barclays is one of the largest banks in the UK. Barclays have just announced that they will be offering a fee- free five year fix at just 2.99%. This is aimed for the benefit of customers to switch to a better mortgage deal saving them money. Fixed rates have become increasingly popular due to the certainty of securing their mortgage payments so Barclays new offers are likely to please customers.Barclays last week launched a fee-free five-year fixed-rate remortgage product at 2.99 per cent and cut the rates on some of its fixed rate mortgages by up to 0.3 per cent.

“The loan is available to 60 per cent loan-to-value and is available for loans between £100,000 and £1m.

Following the rate cuts, Barclays now offers a 2.09 per cent two-year fixed rate, down from 2.18 per cent, for a £999 fee, although this is reduced to £499 for loyalty customer with a Barclays account.

It is also cutting a number of other two-year fixed rates. A 70 per cent LTV deal has been cut from 2.33 per cent to 2.23 per cent, while products at 75 per cent and 80 per cent have been cut from 2.49 per cent to 2.43 per cent and 3.15 per cent to 3.13 per cent, respectively. These products all have £999 fees, or £499 for loyalty borrowers.

Barclays has also cut a two-year remortgage deal available to 70 per cent LTV from 2.99 per cent to 2.69 per cent. It has no fee and is available on loans between £100,000 to £1m.

New Offer favourable to customers

Barclays managing director of mortgages Andy Gray says: “Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments over the longer term and with our lowest ever fixed rates on offer, now is a great time for borrowers to review their mortgage arrangements.

“These changes are particularly designed to encourage existing homeowners to act now and remortgage onto a better deal to save them money on their mortgage.”

Coreco director Andrew Montlake says: “These are good products. Woolwich has improved a great deal over the past couple of months and its system seems to have bedded in now and cases which are packaged correctly seem to be flying through. That is probably why it is able to offer products like these – it is a good addition to the range.”

Hopefully homeowners will be able to see the benefits of the new offers from Barclays and will act upon it quick to take advantage, allowing them the chance to get even better mortgage deals. For more information on the offers Barclays are promoting please call the Barclays Helpline.

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