Barclays has expanded its Great Escape range of remortgage to offer savings for customers with smaller loans.
Homeowners looking to remortgage a loan of between £50,000 and £100,000 have the option of fixing for two years at 2.99% up to 70% loan to value (LTV), 3.74% at 80% LTV or fixing for five years at 3.99% (up to 80% LTV).
Alongside these new products, rates are also cut on offers for loans over £100,000, with the five year fixed rate cut to 3.74% from 3.99% and the two year fixed rate cut to 3.49% from 3.59%, both available up to 80% LTV.
All Great Escape mortgages come with no legal or valuation fees and cashback of £250.
Four new fee-free fixed rate mortgages have been launched for purchasers, starting at just 2.69% fixed for two years (maximum LTV 70%) or 2.99% fixed for five years (max 60% LTV). Fixed rates have also been cut on the core range of mortgages across the two, three and five year options, pushing a three year fixed rate down to 2.40% (from 2.55%) for loans up to 70% LTV.
Barclays has also launched a new range of tracker rate mortgages without any early repayment charges. Starting at just 1.99% above base rate (current pay rate 2.49%) for the two year tracker and 2.99% above base (current pay 3.49%) for a lifetime tracker (both up to 70% LTV), the range offers customers the flexibility to switch on to another mortgage at any point without an early repayment charge.
Andy Gray, managing director of mortgages for Barclays, said: “The consensus is that we are approaching the bottom of the interest rate cycle, meaning fixed rates are providing incredibly good value at the moment, and handily coinciding with one of the busiest times of the year for remortgaging and house buying.
“The Barclays rate cuts and new offers give even more homeowners and buyers the chance to take advantage of the low rates, by extending the Great Escape remortgage offers to smaller loans, widening its appeal to customers sitting on standard variable rates and launching a range of purchase-only fixed rates at highly competitive rates with no fee.
“There is also still interest in tracker mortgages, and for that reason we have developed a range without early repayment charges, allowing customers to continue to take advantage of the historically low base rate environment but with the flexibility to switch at any point or make unlimited overpayments without incurring a charge.”