Barclays is still going strong with the introduction of their new mortgage product dubbed The Great Escape. The Great Escape is the bank’s effort in taking homeowners off their lender’s standard variable rate that they have reverted to after their existing deal came to an end. Coming in at 2.68 per cent the lifetime tracker is 2.18 per cent above the base rate.

There are many bonuses offered by Barclays on The Great Escape to go along with the attractive rate. There is no application fee which offers savings right off the start when compared competitively to others. There is also free valuation and free legal work as well as 300 pounds cashback to cover any expenses a borrower might have to pay their existing lender in exit fees.

The target audience for the new mortgage deal is the estimated 700,000 mortgage customers currently sitting on their lender’s standard variable rate and putting off moving due to costs involved in switching lenders.

The Great Escape does have some requirements that may shut out many homeowners interested in what is offered. The borrower is required to have at least 30 per cent equity built up in the property. Also the loan requires the homeowner be low risk to the bank.

Another bonus to The Great Escape mortgage product is that the borrower can benefit from Barclay’s Switch and Fix offer, which allows a change from a tracker mortgage to a fixed rate mortgage at any time without incurring any early redemption charges.

Andy Gray, head of mortgage loans at Barclays, said: "We have built this package specifically to help the 700,000 families who feel trapped on their current lender's SVR. We know many of the barriers that stop people re-mortgaging are simply down to cost. We believe the deal launched today will help stimulate the market as it cuts those costs out and provides an additional £300 cashback."