Barclays increasing 1.38% fix for mortgages up to £3 million by 0.21% on Thursday, March 5
Barclays is offering some excellent rates at the moment but its two and five-year fixes for mortgages between £5,000 and £3 million are particularly good.
The bank's most competitively priced large mortgage is fixed for two-years at 1.38%. The overall cost for comparison is 3.7% APR.
However, this rate will be increasing by 0.21% on Thursday, March 5.
For borrowers looking for longer term payment security, Barclays is also offering a large loan five-year fix at 2.29%. The overall cost for comparison is 3.6% APR.
Fees and monthly repayments
Barclays two-year fix has a £1,499 arrangement fee and its five-year deal has a £1,999 fee.
In order to qualify for both rates borrowers will need a 35% deposit.
Aaron Strutt, product manager at Trinity Financial, says: “If you wanted to borrow £1 million over a 25 year term, the monthly payments on Barclays two-year fix would be £1,150 on interest-only or £3,943.23 on full capital repayment.”
At the end of the fixed period, both of these mortgages revert to 3.49% over the Barclays base rate, currently 3.99%.
The lender provides a free property valuation and legals service for borrowers looking to remortgage, keeping switching costs to a minimum.
A handful of lenders are increasing their rates at the moment but there is still a great selection of mortgages available.
If you would like help to secure a leading rate call Trinity on 020 7016 0790.
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