Barclays offers customers a 'get out of tracker deal' service

Barclays is set to be the first mortgage provider to extend the popular switch and fix feature to existing Woolwich mortgage customers who have taken out tracker deals.

The switch and fix product allows all new and existing customers on a tracker mortgage to switch to any current Woolwich fixed-rate with no early repayment charge, giving them access to the best mortgage rates.

Customers are able to take advantage of the current low base rate through tracker mortgages and then switch when interest rates increase and fixed-rates become better value for money.

Andy Gray, head of mortgages for Barclays, said: "This is the right time to extend the switch and fix service to all our customers because it's still uncertain when and how quickly interest rates will go up."

He added that it underline the company's policy of offering value to customers while making mortgage rates transparent and easy to understand.

Barclays recently launched a two-year fixed-rate bond offering customers the company's best savings rates.
 

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

Back

2010-10-13 12:05:18 © Moneyextra.com