Barclays has made many borrowers seeking longer term fixed rates very happy this week, by launching two new seven year fixed rate mortgages for the same price as the lender’s five year deals.
The seven year mortgages are now available at 60% and 70% loan to value (LTV) with a rate of 2.09% and 2.35% respectively and an application fee of £999. These products are available for loans up to £1 million.
Two buy to let remortgage products at 50% LTV have also been added to Barclay’s range, along with a rate switch ‘reward’ product for existing customers.
The lender has certainly revamped its product offering this week, having also cut rates on a selection of its two and five year fixed rates for purchase, remortgages and Help to Buy equity loan mortgages.
In line with this, Metro Bank has also reduced its five year fixed rates to record lows. The lender has now cut rates by up to 0.3% on its five year fixed residential range, with its 65% LTV product now a market-leading rate of 1.99%.
As well as reducing its 60% and 65% LTV rates by 0.1% and 0.3% respectively, the lender has reduced rates across five year products up to 85% LTV. These are available for first time buyers and existing homeowners, offering the lowest rates from the lender since its launch.
Other rates in the lender’s refreshed range include five year fixed rates up to 70% LTV at 2.19%, at 2.29% up to 75% LTV, at 2.29% up to 80% LTV and 2.49% up to 85% LTV.
New offers from the lender will look to provide homeowners on a lender’s standard variable rate with the potential to save and secure peace of mind for the future of their mortgage, or for those whose term is almost over.