Barclays for Intermediaries is targeting borrowers looking for long-term payment security by offering an impressively priced seven-year fixed rate mortgage.
Barclays rate is as low as 1.99% and it is fixed until 31 July 2026. At the end of this period, it reverts to the lender's variable rate currently of 4.24%. The overall cost for comparison is 3.15% APRC representative.
The mortgage has a £999 arrangement fee, and applicants will need a 40% deposit to qualify. Early repayment charges apply for the fixed period, and the maximum loan is £1,000,000.
Aaron Strutt, product director at Trinity Financial, says: “There is a selection of lenders offering long term rates, but they are not providing such a low rate as the 1.99% seven-year fix.
“Barclays seven-year fix has 5% early repayment charges for the full fixed rate period. The mortgage is available for property purchases and remortgages.”
Representative example: A capital and interest mortgage of £250,000 payable over 25 years, initially on a 1.99% fixed rate until 31/07/2026 and then on a variable rate of 4.24% for the remaining 23 years, would require 85 monthly repayments of £1,058.42 followed by 215 monthly repayments of £1,271.49.The total amount repayable would be £364,576.05 made up of the loan amount, plus interest (£113,336.05) and £999 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.15% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a seven-year fixed rate mortgage.