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Barclays to launch seven-year fixes with same rates as five-year deals

  • 19/08/2016
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Barclays to launch seven-year fixes with same rates as five-year deals
Barclays is launching two seven-year fixed rate mortgages for the same cost as its equivalent five-year products.

The seven-year deals, at 60% and 70% loan-to-value (LTV) are offered at 2.09% and 2.35%, respectively, with an application fee of £999. The products are available from 23 August and have a minimum loan size of £5,000 and a maximum of £1m.

Two 50% buy-to-let remortgage products will be added to Barclays’ range from Tuesday, in addition to a rate switch ‘Reward’ product for existing customers.

At the same time, Barclays is cutting rates on its two and five-year fixed rates for purchase and remortgage products and Help to Buy: Equity Loan mortgages.

Craig Calder, director of mortgages, Barclays said: “At Barclays we know how important it is for people to be able to buy their own home, so we are continuing to reduce rates to make mortgages even cheaper on popular fixed rate and the Help to Buy 1 products.  We’re also introducing a seven year fixed rate product for the price of five years fixed, so customers can make even more savings on longer term fixed products.

“In addition, we are offering a wide range of exclusive and competitive rates for our existing residential and buy to let mortgage customers – extending our commitment to recognising and rewarding loyalty of our existing mortgage customers when they are switching rates or borrowing further.”

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