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Barclays offers lowest-ever 1.79% fixed rate mortgage

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  • 06/11/2013
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Barclays offers lowest-ever 1.79% fixed rate mortgage
Barclays is set to launch its lowest ever fixed rate mortgage at 1.79% with further cuts across some of its two and five year fixed rates.

The 1.79% rate is offered up to 65% Loan to Value, with a £1,999 fee and on a minimum loan size of £500,000.

In addition, the Great Escape remortgage range has been simplified with a reduced minimum loan of £50,000 introduced across the whole range, as well as rate cuts at 60%, 70% and 80% LTV.

Andy Gray, managing director of Mortgages for Barclays, said: “We’re very pleased to continue our commitment to providing borrowers with access to lower rates.

“In addition we are cutting rates and reducing minimum borrowing size to just £50,000 across the whole Great Escape range, extending opportunities for borrowers looking for a simple remortgage offer with no fees,” he added.

At the end of last month, Barclays announced it had increased the value of its mortgage book by 8.1% year-on-year despite pre-tax profits falling in Q3.

The value of the lenders’ mortgages were £121.6bn in September 2013, compared to £112.5bn in 2012 at the end of October.

Barclays’ pre-tax profits have fallen 26% in Q3 as a drop in trading revenue and its ongoing restructuring programme hit growth.

 

 

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