Woolwich, mortgages from Barclays is today expanding its ‘Great Escape’ range of mortgages.
The new range includes a five-year fixed rate charged at 3.19% exclusively for loans between £50,000 and £100,000. This deal is available up to a maximum of £60,000.
Another five-year fixed rate charged at 3.99% is offered on loans over £100,000, available up to 80% LTV, with a two-year fixed-rate at the same LTV reduced from 3.74% to 3.59%.
All Great Escape mortgages come with no legal or valuation fees and cashback of £250.
The Family Springboard mortgage is reduced by 0.7% from 4.69% to 3.99%. This mortgage allows parents and grandparents to help their offspring get on the housing ladder by holding 10% of the purchase price in a Helpful Start savings account, which means the homebuyer can be offered a 95% LTV mortgage. After three years the savings are released with interest, providing that the mortgage repayments have been kept up to date.
For borrowers of bigger loans. Woolwich, mortgages from Barclays is relaunching its mass affluent range, offering a two-year fixed rate at 1.99%, an offset mortgage at Base Rate plus 1.99% (currently 2.49%), and a five-year fixed rate at 2.78%. These rates are all offered for loans between £500,000 and £2m up to 65% LTV and with a fee of £1,999.
Further cuts have been made to Woolwich, mortgages from Barclays’ other fixed-rate mortgages, with a two-year fixed rate now available at 2.95%, cut by 0.18% from 3.13% at 80% LTV. Three-year fixed rates have been cut by 0.2%, down from 2.75% to 2.55% at 70% LTV and 3.59% to 3.39% at 80% LTV.
Andy Gray, managing director of mortgages for Barclays, said:
“With these new rates we are continuing our commitment to give homebuyers and remortgagers access to cheaper mortgages. We recognise the challenges facing first-time buyers and remortgagors in particular, which is why we have focussed on making the biggest changes in these areas.
“Our Great Escape mortgage has already helped thousands of homeowners who thought they were trapped with their old mortgage lender move to a better deal. With the new lower loan size option we are opening up the escape route to even more borrowers and helping them save money every month.”
