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Barclays to launch five-year Future Fix at 70% LTV

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  • 13/02/2012
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Barclays to launch five-year Future Fix at 70% LTV
From tomorrow, Barclays is introducing a five-year Future Fix mortgage available up to 70% LTV to its range.

The product gives borrowers the benefit of a tracker rate for the first two years at base +2.99%, followed by 4.29% for the next three years. Borrowers will have to pay an application fee of £1,299.

The lender has also made changes to its three-year fixed rate at 3.69% by extending the LTV from 60 to 70%. The same applies to its five-year fixed rate at 4.29%.

A two-year fixed rate at 2.84% and a two-year offset at base + 2.49% will now be available to borrowers who take out more than £250,000.

Andy Gray, head of mortgages at Barclays, said: “Future Fix gives borrowers the best of both worlds, especially for those who may have been put off by trackers previously, as it offers a really good compromise – tracking whilst rates are low now and also fixing at today’s historically low prices for two years’ time.”

The lender added that its application fee structure on buy-to-let mortgages will be £1,999 for mortgages up to £500,000 and £3,999 for mortgages over £500,000.

Steve McAvan, Yorkshire Building Society’s group intermediary product manager, said: “We welcome the launch of Woolwich’s tracker-to-fix deals as this move will provide more choice for brokers and further cause for sourcing systems to consider how to source innovative products such as these going forward.

Yorkshire launched its hybrid tracker-to-fix deals in March 2011 and offers its products at 75% and 85% LTV and offset options are available.

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