Barclays for Intermediaries has launched a range of super-cheap fixed-rate mortgages including some great longer-term options.
Barclays most competitively priced rate is 1.09% fixed until 31 July 2022. After the lock-in period, the mortgage reverts to the lenders 3.59% variable rate and the overall cost for comparison is 3.3% APRC. The rate is available to borrowers purchasing a property and the arrangement fee is £999.
The product has a 2% early repayment charge until 31 July 2022 and applicants will need a 40% deposit to qualify. The 1.09% rate is available for mortgages between £5,000 and £10 million, and the bank provides a free property valuation. Barclays recently increased its maximum loan size by £5 million to attract wealthier borrowers from its direct competitors.
Aaron Strutt, product director at Trinity Financial, says: "The cost of funding has dropped since the coronavirus hit so the lenders can provide two-year fixes close to 1% - even for larger loans. Barclays has undercut HSBC and NatWest in its latest product launch to provide the lowest headline rate.
"If you are looking for the cheapest rate then Barclays two-year fix is hard to beat, but if you would prefer a three, five or seven-year fix, the bank also has some incredibly cheap options. The five-year fix is 1.38% and the seven-year fix is 1.45% and borrowers need a 40% deposit to qualify."
Barclays is still one of the most generous lenders for mortgage affordability providing 5.5 times salary for those earning £75,000 or £100,000 for joint applications.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or send an enquiry