Barclays has extended its range of Woolwich remortgage deals to 85% LTV.
Included in this move is the ‘Great Escape’ package. It launched in October 2010 and was extended from 75 to 80% LTV in January this year. The new 85% LTV rate is 4.69% fixed for two years.
The two year fixed rates at 70 and 75% LTV, which were cut by up to 0.15 percentage points last week, remain unchanged at 3.74% and 4.04% respectively.
All ‘Great Escape’ deals come with no application fee, free legal work and valuation and £300 cashback to cover the cost of a borrower’s exit fee for leaving their present lender.
For borrowers who want to opt for their own solicitor, the same rates are now available with £375 cashback, to help with legal costs, in place of the free legal work available on the Great Escape deals.
Families who want to remortgage up to 85% LTV can opt for new three and five year ‘Switch and Save’ deals also launched today, providing free legal work and a valuation or £200 cashback.
The three year fixed rate is priced at 4.99% with a £499 application fee and the five year at 5.69% with a £999 application fee. The new five year equivalent for existing current customers who qualify for a Barclays loyalty mortgage is 5.48% (£999 application fee).
Andy Gray, head of mortgages for Barclays said: “Since we launched ‘Great Escape’ last year remortgaging has increased from a third of mortgage approvals in the market to almost half. Barclays remortgage deals are proving a real hit amongst borrowers who are planning ahead in anticipating a rise in base rate. Customers who have already taken advantage of the Great Escape deals will save £28 million in mortgage payments over the next two years and have been able to switch across from their current lender without being out of pocket on fees.
