Barclays has increased the intensity of the price war by launching a fantastically low and limited edition five-year fixed rate mortgage.
The rate is fixed at 1.99% until 30th June 2020 and available to borrowers purchasing a property with a 40% deposit. The overall cost for comparison is 3.7% APR.
After the fixed rate period the mortgage will revert to 3.49% over the Barclays base rate, currently 3.99%.
This mortgage has a £1,999 arrangement fee and the maximum loan size is capped at £500,000. Please note the rate will be withdrawn on the 16 May 2015.
Aaron Strutt, product manager at Trinity Financial, says: “It is quite unusual for a bank to limit the availability of one of its mortgages to ten-days and normally it would not be worth doing, but the rate is exceptionally low.”
If you would like help to secure a fixed rate mortgage, call Trinity on 020 7016 0790.