At 70% loan to value, the five year term future fix begins with a base rate tracker at +2.99% which is followed on by a fixed rate of 4.29%. The product comes with a £1,299 application fee.
Barclays has also refreshed its mortgage range which includes a cut of 0.11% on its 2-year fixed rate at 80% LTV.
Other changes include the extension from 60% to 70% LTV of the 3-year fixed rate at 3.69% and 5-year fixed at 4.29%.
For borrowers who are borrowing more than £250,000 a new 2-year fixed rate deal at 2.84% and a 20 year offset at base +2.49% are also available.
On buy-to-let mortgages, the application fee structure is also changing. For mortgages up to £500,000 the fee will be set at £1,999 and for mortgages over £500,000 the fee will be £3,999.
Andy Gray, head of mortgages at Barclays, said: “These changes reinforce our commitment to the mortgage market and to giving customers choice and value, with an innovative option.
“The Future Fix gives borrowers the best of both worlds, especially for those who may have been put off by trackers previously, as it offers a really good compromise – tracking whilst rates are low now and also fixing at today’s historically low prices for two years time.”
All residential mortgages revert to a lifetime tracker of base +3.39%.
