Barclays expands Great Escape remortgage line

Posted on Tuesday, June 25 by Joy Tibbs

Barclays has launched new remortgage deals that could help more than 3.1 million borrowers save money on their mortgages.

Its Great Escape range of remortgage offers has been expanded with a new option specifically for loans between £50,000 and £100,000, fixed for five years at 3.19% and available up to 60% loan-to-value (LTV).

Another new five-year fixed rate offers homeowners with a minimum £100,000 borrowing a rate of 3.99% and is available up to 80% LTV, while the two-year option at the same LTV is cut by 15 percentage points from 3.74% to 3.59%.

All Great Escape mortgages come with no legal or valuation fees and cashback of £250.

Andy Gray, managing director of mortgages for Barclays, said: “We recognise the challenges facing first-time buyers and remortgagers in particular, which is why we have focused on making the biggest changes in these areas.

“Our Great Escape mortgage has already helped thousands of homeowners who thought they were trapped with their old mortgage lender move to a better deal. With the new lower loan size option we are opening up the escape route to even more borrowers and helping them save money every month.”

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