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Barclays delivers lowest ever mortgage rates

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  • 20/10/2014
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Barclays delivers lowest ever mortgage rates
In its seventh consecutive mortgage rate reduction, Barclays is offering some for its lowest ever loans at 60% Loan To Value (LTV), including a ten-year fixed rate at 3.49% after plummeting swap rates last week.

In the latest volley in the gathering mortgage rate war, the lender is also offering a three-year fixed rate at 2.29% and a five-year at 2.85% and a two-year fix at 1.88%.

For homebuyers looking at larger loans, Barclays has reduced its five-year fixed rate from 2.89% to 2.75% for loans between £500,000 and £3m at 65% LTV.

Barclays Family Springboard mortgage benefits from a rate cut of 80 basis points from 3.79% to 2.99% on a three year fixed rate.

The Family Springboard mortgage allows ‘Helpers’ to use their savings to help homebuyers get a mortgage by holding 10% of the purchase price in a Helpful Start account. This enables the purchasers to apply for a 95 per cent LTV mortgage. After three years the money is released back to the ‘Helpers’ with interest, providing that the mortgage repayments have been kept up to date.

Andy Gray, managing director of Mortgages for Barclays, said: “Last week saw a number of factors come into play that helped to reduce the cost of funding for mortgage lenders. Acting swiftly in response to the current economic conditions with a seventh straight rate reduction allows an opportunity to offer some of our lowest ever mortgage rates, continuing our commitment to give homebuyers and remortgagors access to ‘never seen before’ mortgage deals offered by Barclays.”

The lender has also simplified the legal advice process linked with the Family Springboard mortgage.

“Swap rates, which impact funding costs for lenders tend to be volatile meaning the mortgage rates available to consumers can change. First-time buyers and homeowners currently have a fantastic opportunity to take advantage of competitive low fixed rates over the short, medium and long term. To avoid missing out, we are encouraging customers to move quickly and consider how they could benefit from our new rates, available for a limited time.”

 

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