The 85% LTV rate is 4.69% fixed for two years. The 2-year fixed rates at 70% and 75% LTV which were cut by up to 0.15% last week remain unchanged at 3.74% and 4.04% respectively.
Great Escape deals come with no application fee, free legal work and valuation and £300 cashback to cover the cost of a borrower’s exit fee for leaving their present lender.
Families looking to remortgage up to 85% LTV can opt for new 3- and 5-year Switch and Save deals also launched today. The 3-year fixed rate is priced at 4.99% with a £499 application fee and the 5-year at 5.69% with a £999 application fee. The 5-year equivalent for existing current customers who qualify for a Barclays loyalty mortgage is 5.48% with a £999 application fee.
Andy Gray, head of mortgages for Barclays, said: “Since we launched Great Escape last year remortgaging has increased from a third of mortgage approvals in the market to almost half. Barclays remortgage deals are proving a real hit amongst borrowers who are planning ahead in anticipating a rise in base rate. Customers who have already taken advantage of the Great Escape deals will save £28 million in mortgage payments over the next two years and have been able to switch across from their current lender without being out of pocket on fees.
“It’s widely predicted that base rate will increase this year so it’s important that borrowers take action this summer to secure low mortgage rates while they are still available. Over £28 billion of fixed rate mortgages will mature over the next few months, adding to the one million families already on standard variable rates. Our Great Escape fixed rate mortgages allow customers to lock in their payments at a level below or around the rate they will be paying on SVR, saving them money now and even more in the future as rates rise. By extending ‘Great Escape’ to 85% LTV we are giving even more people the opportunity to benefit from these products.”
