As the economic recovery continues homeowners who have fallen victim to a rise in their SVR now have another option – remortgage.  Barclays recently announced an opportunity for those who are in search of a way to defend themselves against a rise in interest rate and ultimately a rise in mortgage payment.  The lender has slashed its two-year fixed Great Escape from 3.74 to 3.49% for those who qualify. 

Andy Gray, head of mortgages for Barclays, said this package of reduced rate announcements is directed at those who have been through a rise in rates and those who are expecting a rise in rate.

He commented on the refreshed products Barclays is offering, saying: “With the recent changes in SVRs, there is an opportunity to re-stimulate the remortgage market and save people money at a time when they need it most. This is why we have made these cuts.

“We have decided to take advantage of what are better funding conditions now, with the launch of the Funding for Lending scheme.”

Barclays is not just in the lending market to help those needing a remortgage either.  They have dropped rates on several retention products as well.  This is an attempt to maintain its current mortgage lending base of customers.

Stuart Gregory of Lentune Mortgage Consultancy commented on the latest strategy exercised by Barclays, saying: “These retention rates are fantastic. For a borrower to be able to secure a rate like this for five years would be phenomenal. Other lenders could learn a lot from this, it shows Barclays really wants to hold onto and help its customers.”