Barclays launches lowest ever 10-year fixed rate mortgage
Barclays has launched the lowest ever 10-year fixed rate mortgage at 2.99%
It is available to borrowers with a 40% deposit and it has a £999 arrangement fee. The maximum loan size is £1 million.
After the fixed rate period the mortgage will revert to 3.49% over the Barclays base rate, currently 3.99%. The APR is 3.4%.
Aaron Strutt, product manager at Trinity Financial, told Mortgage Strategy magazine: “Barclays is offering a fantastic rate that adds a whole new level to the ongoing rate war.
“A lot of borrowers feel that fixing their payments for 10 years is a bit too long but at a rate of 2.99%, this could certainly change things.”
Early repayment charges apply with this rate, so borrowers will need to pay 6% of the outstanding balance until 31st March 2022 and 3% until 31st March 2025. Up to 5% of the loan amount can be repaid each year without charge.
According to research by data firm Moneyfacts, there are currently 77 10-year fixes available compared to just 22 in October 2014, while the average rate is 4.17%.
If you would like help to secure a ten-year fixed rate, call Trinity on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
