Barclays increases maximum loan size to £3m on some of its lowest ever mortgages

by Aaron Strutt

Oct 25 2014

Barclays has taken the unusual step of increasing the maximum loan size on its lowest two-year and five-year fixes from £2 million to £3 million.

Earlier this year the lender launched rates for mortgages between £500,000 and £2 million, although it has increased the maximum loan by £1 million in order to attract more high net worth clients.

Trinity has access to the lenders new 1.85% two-year fix and the APR is 3.7%. It has a £1,999 arrangement fee and in order to qualify borrowers will need a 35% deposit. Early repayment charges apply for two-years.

At the end of the fixed rate period, the mortgage reverts to 3.49% over the Bank of England base rate, currently 3.99%.

Aaron Strutt, product manager at Trinity Financial, says: "If you are looking for a larger mortgage to purchase a new property or to remortgage to a cheaper deal, they don’t get much cheaper than the new Barclays rates. The lender has also launched its lowest ever five-year fix and it is available for mortgages up to £3 million.

“The lender provides a free property valuation and legals service for borrowers looking to switch banks, keeping remortgage costs to a minimum."  

If you would like help to secure a large mortgage loan or to refinance onto a better rate, call Trinity on 020 7016 0790.