13 Oct

Barclays allow customers to switch mortgages

Barclays allow customers to switch mortgages

People who bought houses for sale in the UK with a tracker mortgage at Barclays can now switch to a fixed-rate loan.

Yesterday (October 12th 2010), Barclays extended its Switch & Fix feature to all its Woolwich mortgage customers who have tracker loans with the group.

This allows them to change to a fixed-rate loan without any early repayment costs.

Barclays introduced the option to new customers in July 2010 but now all existing tracker homebuyers can take advantage of it and be able to secure their monthly repayments.

Head of mortgages at the company Andy Gray said: "[The] base rate is low now, so many people want to make the most of that with a tracker mortgage, but if rates go up … that's when a fixed-rate with set repayments will be valued."

He added that since July, a third more customers have chosen tracker mortgages, most likely as a result of the low base rate.

Last week, Barclays revealed that it had lent out £100 billion in mortgages, saying that £55.7 billion had been borrowed by customers buying houses for sale over the last three years. ADNFCR-1222-ID-800114545-ADNFCR

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