Barclays has made headlines this week by revamping its fixed rate product range, which comes with the breaking news that it will be launching a new 7 year fixed rate range, exclusively available for mortgage rate switchers. The 7 year fixed rate will be starting from a rate 2.99% up to 75% loan to value (LTV) and comes with a £999 product fee.
Other 2 year fixed rate changes from the lender include a 1.57% 2 year fixed rate at 60% LTV with a £999 product fee, and a 1.79% 2 year fix at 70% LTV with the same fee. It has also introduced a no fee 80% LTV option which is fixed for 2 years at a rate of 2.39%.
New 5 year fixed rates have equally been updated from the lender, now including a 3.13% 80% LTV product which comes with no fee. Alongside this, Barclays has announced that it will be introducing a 3 year tracker large loan between £1-3 million. The tracker now starts at 1.65% at 65% LTV with a £1,999 fee.
Further to this, Barclays has also been lending a hand to landlords amid current buy to let changes and has been tapping into the buy to let market. The lender has revealed that it will now be reducing its minimum loan size across all buy to let products to £35,000.
Large loan rate switch products (for £1m – £5m) have also seen changes, including a 2 year 1.99% rate at 70% LTV with a £1999 fee, as well as a 2.85% 2 year rate at 80% LTV with a £1,999 product fee. A Lifetime Offset deal is also available at a rate of 3.59% at 70% LTV with a £1,999 fee. And last but not least, 2 year tracker deals come in at 1.79% at 70% LTV, also with a £1,999 fee.