Barclays for Intermediaries is offering one of the cheapest ever new business mortgage rates following successive Bank of England base rate reductions.
Barclays mortgage has a pay rate as low as 0.84% with a margin of 0.74% over the 0.1% base rate. After two years the tracker rate reverts onto the lenders 3.59% standard variable rate and the overall cost for comparison is 3.8% APRC. The arrangement fee is £1,999.
The product does not have any early repayment charges and applicants will need a 40% deposit to qualify. It is available for mortgages above £500,000 up to £5 million, and the bank provides a free property valuation and legal service for remortgages to reduce the cost of switching.
What if my mortgage is lower than £500,000?
Barclays lowest tracker rate for mortgages between £5,000 and £500,000 is 1.18% and it tracks the Bank of England base rate plus 1.08%. The overall cost for comparison is 3.9 APRC and there is no arrangement fee. Like the cheaper tracker, the current reversion rate is 3.59%
Are these mortgage rates really as good as they look?
Like many of the other banks and building societies, Barclays has made changes to its mortgage products but it has not removed its super-cheap Bank of England base rate trackers. The 0.84% rate is incredibly cheap and provides borrowers with larger loans with the chance to substantially reduce the cost of their monthly repayments.
Aaron Strutt, product director at Trinity Financial, says: “Most of the lenders have withdrawn or increased the price of their tracker rates so if you are planning to take a variable rate there is not a huge amount of choice. It is still possible to remortgage because the lenders are still working but this product may not be available much longer."
Call Trinity Financial on 020 7016 0790 to secure a super cheap rate. You can also complete this form.