(PRWEB) September 26, 2010
Barclays has reaffirmed its ongoing commitment to the UK mortgage market with a cut in mortgage interest rates of up to 0.34 percentage points.
Barclays lowest tracker rate mortgage – the loyalty lifetime tracker mortgage - is cut to just 1.98 percentage points above base (currently 2.48 per cent), a reduction of 0.31 percentage points, while the equivalent for customers who do not already bank with Barclays is reduced from 2.59 to 2.49 percentage points above base (currently 2.99 per cent). Offset trackers in the loyalty range are also cut with the lowest rate now 2.29 percentage points above base (currently 2.79 per cent, a reduction of 0.20 percentage points).
The rates on five year fixed rate mortgages have also been reduced – by 0.15 percentage points to 4.29 per cent for the loyalty rate and by 0.3 percentage points to 4.49 per cent for the standard product. Barclays cheapest two year fixed rate for customers who do not already bank with Barclays is reduced by 0.34 percentage points to 3.15 per cent. All of these rates are available for loans at up to 70 per cent loan to value.
Andy Gray, head of mortgages for Barclays, said: “What we are seeing as we approach the final quarter of the year is a positive healthcheck for the mortgage market. Rates are competitive and Barclays is very much open for business and looking to lend.
“On top of these reductions in our most popular rates, we continue to offer a drop-lock facility to all new tracker and offset customers. Switch & Fix gives these customers the flexibility of a low tracker rate now and the option to switch to a fixed rate in the future when they need greater security, without incurring an early repayment charge.”
Barclays loyalty mortgages were launched on 1st September and offer lower rates to Barclays current account customers. To qualify for a loyalty mortgage, customers need to have held any Barclays current account and credited a minimum of £800 in each of the previous three months at the time they apply for the mortgage.
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Retail Banking PR Manager
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Retail Banking PR Manager
tel: +44 (0)20 7116 6145
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Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate banking, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, invests and protects money and provides personal loans, high value home insurance, life insurance, business loans and other services for over 49 million customers and clients worldwide.
For further information about Barclays, please visit our website http://www.barclays.co.uk.