Barclays launches super-low 1.75% five-year fix

by Aaron Strutt

Mar 25 2017

Barclays for Intermediaries has launched one of the lowest ever longer-term fixed rate mortgages priced at 1.75%.

At the end of the fixed period, which expires on 31 May, 2022, the mortgage reverts to the bank's 3.74%variable rate, which is 3.49% over the BBBR. The overall cost for comparison is 3.04% APRC.

Aaron Strutt, product director at Trinity Financial, says: "If you are looking for a fixed rate mortgage to provide you with additional financial security, there are some fantastically low rates available at the moment.

"The 1.75% rate has a £999 arrangement fee and a 3% early repayment charge until 31 May 2022. There is also a free property valuation with property purchases and remortgages."

Applicants will need a 40% deposit to qualify and earn at least £100,000 to secure interest-only. The maximum loan size is £500,000, although the rate is actually 0.05% cheaper for mortgages between £500,000 and £2 million.

Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed rate for 60 months at 1.75% and then on a variable rate of 3.74% for the remaining 23 years, would require 60 monthly repayments of £1,029.47 followed by 240 monthly repayments of £1,234.15. The total amount repayable would be £359,204.20 made up of the loan amount, plus interest (£107,964.20) and fees of £999. The overall cost for comparison is 3.04% APRC representative.

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

For help to secure a five-year fixed rate, call Trinity on 020 7016 0790.