Barclays undercut Nationwide and bring back two-year fixed mortgages starting from 3.88%
Barclays for Intermediaries has lowered a selection of its fixed-rate mortgages again and brought back two-year fixed rates priced from 3.88%.
The new mortgages will undercut Nationwide for Intermediaries' cheapest two-year fixes for property purchases. Nationwide offers fixed rates priced around 3.90% with £1,499 arrangement fees, and they are available to borrowers looking to raise between £300,000 and £5 million.
Barclays has a range of two, three and five-year fixed rates priced below 4% typically for mortgages up to £2 million. The 3.88% rate is fixed for two years, with a £899 fee, and applicants must have a 40% deposit to qualify. The equivalent five-year fix is 0.10% more expensive with Barclays.
Aaron Strutt, product director at Trinity Financial, says: “Swap rates are used as part of the process of funding mortgages, as they are edging down again after they went up a few weeks ago. This means we may well see more rate cuts from the lenders pretty soon.“
“If you have a 40% deposit and you want a cheap three-year fix, then MPowered has a sub-3.90% three-year fix. It has a £999 arrangement fee and a maximum loan size of £1.5 million.“
Halifax has lowered some fixed rates for property purchases by 0.07% and remortgage rates by up to 0.18%. TSB is also lowering rates by up to 0.15%.
Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a 3.88% fixed rate for 30 September 2027 and then on a variable rate of 6.24% for the remaining 27 years, would require 26 monthly repayments of £2,352.62 followed by 334 monthly repayments of £3,032.81. The total amount repayable would be £1,075,256.66 made up of the loan amount, plus interest (££574,125.33) and £899 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 6% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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