Barclays topping the best buy tables with 3.56% two-year fix for mortgages up to £2 million
Quick Summary
Barclays is now offering many of the most competitively priced mortgage rates, particularly for higher earners and those with larger deposits. Barclays is offering a combination of competitive two-, three-, and five-year fixes, plus up to six times salary mortgages, making the bank one of the best in the business at the moment.
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 3.56% available to borrowers purchasing a property. It has a £899 arrangement fee and applicants will need a 40% deposit to qualify.
The mortgage is available to Barclays Premier customers with an income of at least £75,000 to a combined income of £100,000, although the rate is only marginally higher 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: “With Santander pushing up its fixed rates marginally, Barclays rates look even better value for money, especially with its three-year rates starting from 3.70% and the five-year fixes under 3.80%. If you are on the hunt for a mortgage at the moment, there are some great deals to choose from. Barclays is also offering up to six times salary income multiples, so it is easier for borrowers to secure the loan sizes they require."
Barclays also offers a two-year fix priced just over 3.80% with a £1,999 arrangement fee, and it is available for mortgages between £2 million and £10 million. This is much cheaper than many rates offered by private banks, including Barclays Private Bank.
Representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a fixed rate basis at 3.56% until 31/03/2028 and then on the lender's 5.74% standard variable rate for the remaining 28 years. The 3.56% rate would require 25 monthly repayments of £1,813.67 followed by 335 payments of £2,306.60. The total amount repayable would be £818,283.75. This amount is illustrative and may vary, made up of the loan amount, plus interest (£417,154.85) and £899 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 5.8% 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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