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Barclays offering seven-year fixed rate mortgage at 3.39%

Aaron Strutt Image

Barclays for Intermediaries offers one of the most competitively priced longer-term fixed-rate mortgages priced at 3.39%.   

Most borrowers opt for two, three, five or even ten-year fixes, and they do not consider seven-year rates. Now that mortgages are getting more expensive, seven-year rates are a decent option, especially if you plan to stay in your home for the foreseeable future.    

What are the details of Barclays seven-year fix?  

Barclays lowest longer-term rate is 3.39%, and it is available for property purchases and remortgages. It is fixed until 30 November 2029, and applicants will need a 40% deposit to qualify. The maximum loan is £2 million and 3% early repayment charges apply. 

After the fixed period, the mortgage reverts to 3.49% over the Bank of England base rate (currently 1.25%), and there is a £999 arrangement fee.   

Aaron Strutt, product director at Trinity Financial, says: “If you are worried about future base rate rises and would rather lock into a longer-term fix, then the Barclays product may be a good option for you. This rate was 2.26% back in May so it has increased in recent months.

“If you take a longer-term fix, it is important to understand how much it will cost to get out of the loan. Early repayment charges can be expensive.” 

Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a fixed rate basis until 30 November 2029 at 3.39% and then on a Bank of England base rate tracker (BoE plus 3.49%) currently 4.24% for the remaining 28 years, 3.39% would require 87 monthly repayments of £2,214.63 followed by 273 payments of £2,523.08. The total amount repayable would be £881,473.65 made up of the loan amount, plus interest (£381,474.48) and £999 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 4.2% APRC representative.     

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.  Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage    

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

As seen in
sunday times telegraph financial times bbc news the express the times
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