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Barclays cuts rates on FTB deals in product overhaul

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  • 23/11/2017
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Barclays cuts rates on FTB deals in product overhaul
Barclays has overhauled its range with new products or reduced rates on more than 40 deals, including cuts of up to 0.3% on interest rates for first-time buyer deals.

The lender made the 0.3% cuts to its Family Springboard products following announcement of the cut to stamp duty for first-time buyers.

As part of the changes it has also overhauled its buy-to-let range, amending 19 products.

Barclays Mortgages director Craig Calder (pictured) said: “Stamp duty is one of the largest financial hurdles first time buyers have to face and the changes announced in the Autumn Budget will be a hugely positive and welcome boost for many first time buyers looking to purchase a property in the New Year.

“We know how important it is for our customers to get on the property ladder or to move home; and to support the momentum in helping greater numbers of first time buyers move forward, Barclays Mortgages has launched a number of new and reduced 95% loan-to-value (LTV) mortgage products.

“The Barclays Family Springboard Mortgage will have greater appeal with the interest rate reduced by 30 basis points on both the 5% and 0% deposit options; and effective from 1 December, the deposit contribution made by the family member held in the Helpful Start account for a period of three years will benefit from the recent interest rate increase of 25 basis points.”

 

Selected product details include:

Purchase only

  • 3.64% for two-year fixed, 95% LTV, £999 fee, for loans between £5,000 and £500,000
  • 3.84% for two-year fixed, 95% LTV, £0 fee, for loans between £5,000 and £500,000
  • 4.74% for five-year fixed, 95% LTV, £0 fee, for loans between £5,000 and £500,000
  • 4.54% for five-year fixed, 95% LTV, £499 fee, for loans between £5,000 and £500,000

 

Family Springboard

  • 2.49% for three-year fixed, 5% deposit, £0 fee, for loans between £5,000 and £500,000
  • 2.69% for three-year fixed, 0% deposit, £0 fee, for loans between £5,000 and £500,000

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