Barclays has increased the price of its leading two-year fixed rate available for mortgages up to £3 million.
The bank has raised its fantastically low 1.44% mortgage to 1.59%, which is fixed until 30th June 2017. The overall cost for comparison is 3.7% APR.
After the fixed rate period the mortgage will revert to 3.49% over the Barclays base rate, currently 3.99%.
Barclays has also increased the arrangement fee on this mortgage from £1,499 to £2,999 - while the minimum loan has been raised from £5,000 up to £1 million.
Aaron Strutt, product manager at Trinity Financial, says: “Barclays 1.44% rate was so impressive that it’s a shame to see it withdrawn, even though the new mortgage still offers great value for money.
“Santander recently improved their large loan mortgages and they suddenly look more attractive following Barclays’ rate hike. It will be interesting to see if rates come down again over the coming weeks.”
If you wanted to borrow £2,000,000 over a 25 year term, the monthly payments on Barclays new two-year fix would be £2,650 on interest-only or £8,083 on full capital repayment.
For help to secure a leading mortgage rate, call Trinity on 020 7016 0790 or complete the enquiry form below.