Barclays gives remortgage market a boost

Posted on Tuesday, June 7 by Joy Tibbs

In response to higher remortgage demand, Barclays has extended its range of Woolwich remortgage deals to 85% loan-to-value (LTV).

The new 85% LTV rate is 4.69% fixed for two years. The two-year fixed rates at 70% and 75% LTV remain unchanged at 3.74% and 4.04%, respectively.

The range includes the company’s Great Escape deals. The Great Escape range has no application fee. It comes with free legal work and valuation and £300 cashback to cover the cost of a borrower’s exit fee for leaving their current lender. For borrowers who want to use for their own solicitors, the same rates are now available with £375 cashback to help with legal costs.

Customers who want to remortgage up to 85% are not restricted to Great Escape, they can also opt for new three- and five-year ‘Switch and Save’ deals, which provide free legal work and a valuation or £200 cashback.

The three-year fixed rate is priced at 4.99% with a £499 application fee and the five-year at 5.69% with a £999 application fee.

The new five-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.”

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