Would you lock into Barclays super-cheap 1.99% ten-year fix?
Barclays for Intermediaries has launched the cheapest ever ten-year fixed mortgage aimed at borrowers looking for longer-term payment security.
Barclays 1.99% rate is fixed until 31 July 2030 and after the fixed period the mortgage reverts to the lenders 3.59% variable rate. The overall cost for comparison is 2.6% APRC and the arrangement fee is £999.
The 1.99% rate is available for mortgages above £5,000 up to £1 million, applicants will need a 40% deposit to qualify. The product has a 5% early repayment charge until 31 July 2030 and the lender provides a free property valuation if you are purchasing a property.
Aaron Strutt, product director at Trinity Financial, says: "The most popular types of products are two and five-year fixes, but some borrowers like long term security. A sub-2% fix offers great value for money for any length of time, particularly over ten-years.
"Some borrowers not normally keen on longer-term rates could easily be tempted to lock into this rate, especially older borrowers in their forever home. The early repayment charges are high so borrowers need to be sure they want to stay in their property for the next decade. If you are happy with a five-year fix, Barclays rate is 0.6% cheaper."
Call Trinity Financial on 020 7016 0790 to secure a mortgage or send an enquiry
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