Barclays is launching three fixed rate mortgages tomorrow. It is seeking to attract customers looking to remortgage since their lender raised its SVR.

The two year Great Escape will be reduced from 3.49% to 3.29% for those with a deposit or equity of 30%, which allows customers to switch their mortgage to Barclays with no application fee, free legal work, free valuation and £300 cashback.

A borrower switching from a competitor’s Standard Variable Rate of 4.74% to a Barclays two year fixed Great Escape at 3.29% will make a saving of more than £2,800 over the two years, the bank claimed.

Other reductions include a drop of 0.20 percentage points on selected two year fixed rates.

At 60% LTV, the rate will now be 2.69%, and a 30% deposit 2.89%. These rates come with the standard £999 application fee and £499 for customers who qualify for a Barclays loyalty mortgage. These deals also allow borrowers to remortgage using the ‘Switch and Save’ service which also helps with remortgage costs, offering free legal work plus a valuation or £200 cashback.

Andy Gray, head of mortgages at Barclays, said: “We know that an increase in competitor SVRs will put extra burden on consumers who are already squeezed due to other household costs rising. The good news is that fixed rates are near historic lows, so many of these customers stand to gain from remortgaging to a new product.

“These new deals are about showing borrowers who are impacted by higher rates that there are other options to move to a cheaper fixed rate elsewhere and as a result we are expecting these deals launched today to prove very popular.”