You are here: Home - News -

Barclays to launch deals for borrowers hit by SVR hikes

by: Mortgage Solutions
  • 23/04/2012
  • 0
Barclays to launch deals for borrowers hit by SVR hikes
Barclays is launching four fixed-rate deals tomorrow, designed to benefit customers suffering from other lenders’ increased SVRs.

The deals include a two-year Great Escape remortgage package priced at 3.89% for 70% LTV which allows customers to switch their mortgage to Barclays with no application fee, free legal work, free valuation and £300 cashback.

Other additions across the residential range are two-year fixes at 60% LTV priced at 3.49% and 70% LTV at 3.59%.

Barclays is also offering a three-year fix available at 3.89%, available up to 70% LTV.

These deals allow borrowers to remortgage using the lender’s ‘switch and save’ service which also helps with remortgage costs, offering free legal work plus a valuation or £200 cashback.

Andy Gray, head of mortgages at Barclays, said “These new deals are about helping thousands of borrowers to act to reduce their largest monthly financial commitment, their mortgage.

“As customers with other lenders see an increase in their SVR this is about helping them make essential savings. A borrower with a mortgage of £150,000, switching from an SVR of 4.79% to the Great Escape fixed at 3.89% could save around £1,800 over two years if base rate continues to stay at 0.5%.”

All these deals revert to a lifetime tracker of base plus 3.39%. The remainder of Barclays’ fixed, tracker and offset range is unchanged.

There are 0 Comment(s)

You may also be interested in