Barclays Cuts their Remortgage Deal Interest Rate and that of their NewBuy Offering
It is true that many lenders are tightening up their lending as well as many increasing their interest rate offerings on remortgages. However, there are a few that are offering very attractive remortgage deals. As of the end of May Barclays had even offered a cut on their fixed rate remortgages.
Not only did Barclays cut their fixed rate remortgage but they offered first time buyers and home movers the opportunity to save on their NewBuy rate as well.
The Barclays’ two-year Great Escape remortgage was cut from 3.89 per cent to 3.74 per cent for loans with at least a 70 per cent loan to value (LTV) level. This will offer an attractive respite for those that are seeking the escape from their lender’s standard variable rate which may have been recently increased. The Great Escape deal also offers a switch to Barclays with no application fee, free legal work, free valuation and a cashback offer of £300.
Those with even more equity available to secure a 60 per cent LTV can consider a 3.29 per cent offering down from their previous 3.49 per cent interest rate for a two-year fixed rate. Those that can offer up at least 20 per cent in equity or a deposit can take advantage of the 80 per cent LTV which is now 3.69 per cent down from the previous offering of 3.79 per cent.
The NewBuy three-year fixed rate deal for first time buyers and first time home movers is now at 5.89 per cent down from the previous 6.09 per cent. It comes with a reduction of the application fee of £999 to £499 which is a £500 savings.
Andy Gray, head of mortgages at Barclays, said, “We are starting to see a trend of more people looking to remortgage in light of recent increases to more than a million borrowers sitting on competitors SVRs.
“Cutting rates today is about giving people the right mortgage at the right time to help secure their monthly payments.
“A borrower with a mortgage of £150,000, switching from a SVR of 4.79 per cent to the Great Escape fixed at 3.74 per cent could save more than £2,000 over two years if base rate continues to stay at 0.50 per cent.”