Barclays offers escape from SVR hike

Barclays is launching four competitively priced fixed rate mortgages. These include a two year Great Escape remortgage package priced at 3.89 per cent for 70 per cent loan to value (LTV) which allows customers to switch their mortgage to Barclays with no application fee, free legal work, free valuation and £300 cashback. It is anticipated that these deals will prove popular with customers suffering other lenders' increased SVRs.

Other additions across the residential range are a two year fixed at 60 per cent LTV priced at 3.49 per cent and 3.59 per cent (70 per cent LTV), also a three year fixed is available at 3.89 per cent (70 per cent LTV). These deals allow borrowers to remortgage using our ‘Switch and Save' service which also helps with remortgage costs, offering free legal work plus a valuation or £200 cashback.

Andy Gray, Head of Mortgages at Barclays said "These new deals are about helping thousands of borrowers to act to reduce their largest monthly financial commitment, their mortgage. As customers with other lenders see an increase in their SVR this is about helping them make essential savings. A borrower with a mortgage of £150,000, switching from an SVR of 4.79 per cent to the Great Escape fixed at 3.89 per cent could save around £1,800 over two years if base rate continues to stay at 0.50 per cent."

All these deals revert to a lifetime tracker of base plus 3.39 per cent. The remainder of our fixed, tracker and offset range is unchanged.

For further information on Barclays mortgages visit barclays.co.uk/mortgages.