Barclays looks to free customers from their variable rate

Barclays is aiming to free its customers from standard variable rate mortgages with a specially designed The Great Escape remortgage package.

The Great Escape plan is aimed at borrowers looking for the best mortgage rates but fear that it would cost them too much money to switch rates.

The bank is offering the estimated 700,000 borrowers on a standard variable rate, the opportunity to switch to a competitive tracker mortgage at 2.18 per cent above the base rate at 70 per cent loan to value LTV.

Andy Gray, head of mortgages for Barclays, said: "We know many of the barriers that stop people re-mortgaging are simply down to cost. We believe the deal launched today will help stimulate the market as it cuts those costs out and provides an additional £300 cashback."

Customers will also benefit from the peace of mind of Barclays Switch & Fix which enables borrowers to switch from all Woolwich tracker products to a fixed-rate mortgage at any time.

Earlier this month Barclays mortgage lending hit a milestone as it passed £100 billion, which has been achieved by evolving and adapting the mortgage range to ensure borrowers' needs are met in the changing market place.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-10-19 12:39:29 © Moneyextra.com