Barclays slashes mortgage rates

Barclays has slashed the mortgage rates in its Bovis Homes' 'Perfect 10' home loan package to make it more affordable to new homebuyers.

The bank will be cutting the existing mortgage rates, available through Woolwich, by 1.20 percentage points 3.79 per cent, while still offering the competitive deals on LTVs up to 90 per cent.

After two years the rate reverts to a lifetime tracker at 2.99 per cent above the base rate, which equates to just 3.49 per cent at today's Barclays Base Rate.

The deal between Barclays and Bovis Homes also provides buyers with three years' unemployment protection insurance if they were to lose their job from the date of exchange onwards.

Andy Gray, head of mortgages for Barclays, said: "Slashing the rate enables more buyers to purchase a new home with just a ten per cent deposit at one of the most affordable rates since the recession."

The Council of Mortgage Lenders revealed that gross mortgage lending declined in April.

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

Back

2011-05-24 13:09:33 © Moneyextra.com