Fancy a two-year fix at 3.75%? Barclays has lowered its mortgage rates again!
Barclays for Intermediaries is the latest major bank to lower its mortgage rates again, as fixed rates continue to become more competitively priced.
The bank has introduced a two-year fix at 3.75% available to borrowers purchasing a property. It has an £899 arrangement fee and applicants will need a 40% deposit to qualify.
The mortgage is available to Barclays Premier with an income of at least £75,000 to a combined income of £100,000, although the rate is only 0.01% more expensive for non-premier customers. Applicants will need a 40% deposit to qualify. The minimum loan size is £5,000, and the maximum is £2,000,000.
Aaron Strutt, product director at Trinity Financial, says: “It shows how keen banks and building societies are to attract borrowers. The cheapest two-year fixes are still more competitively priced than many of the three and five-year fixes, and they are still popular, as many people still think rates will be lower in a few years' time. If you can get a sub-4% rate, I still think you are doing pretty well.”
Representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a fixed rate basis at 3.75% until 30/09/2027 and then on the lender's 6.24% standard variable rate for the remaining 28 years. The 3.75% rate would require 25 monthly repayments of £1,852.46 followed by 335 payments of £2,425.46. The total amount repayable would be £859,970.67. This amount is illustrative and may vary, made up of the loan amount, plus interest £458,840.83) 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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