On 2 September Barclays is launching a loyalty mortgage scheme for its existing customers.
Barclays current account customers will be eligible for a reduction of up to 0.54 percentage points off selected tracker, fixed rate and offset mortgages. Customers with any of Barclays current accounts, including Premier, Additions and Graduate accounts, can all be eligible for the special rates.
To qualify for a loyalty mortgage, customers need to have been an existing Barclays current account customer with a minimum of £800 credited in each of the last three months, at the time they apply for a mortgage.
The mortgages will be from the Woolwich, Barclays’ mortgage brand.
Deals will available include a two year fixed rate mortgage at 2.95% for deals up to 70% loan to value – 0.54 percentage points below the standard offer and lower than the current best fixed rate from HSBC. For mortgages up to 80% loan to value the rate is 4.19% – a discount of 0.19 percentage points.
Discounts like this could save Barclays customers £922 in the first two years of their mortgage alone, based on an average mortgage advance of £135,000. For larger mortgages, for example a £500,000 advance, the savings could top £3,400.
Andy Gray, head of mortgages for Barclays, said: “We are always looking at how we can offer the most competitive mortgage rates we can and the most deserving people for these are our existing customers. What this new scheme means is that our current account customers will now always have access to discounted rates in our range
