19 Oct

Barclays launches new mortgage deal for UK homeowners

Barclays launches new mortgage deal for UK homeowners

Those who have invested in houses for sale in the UK are to be able to change their mortgage deal more easily via a new product offering from Barclays.

The bank has launched The Great Escape, a new remortgage package that facilitates switching from a standard variable rate (SVR) deal to a tracker mortgage at 2.18 per cent above the base rate.

It will provide £300 cashback to consumers to cover their existing lender's exit fee, as well as eliminating the costs traditionally brought about by application fees, legal work and valuation.

Barclays states that this new offer will appeal to around 700,000 mortgage holders who may feel unwilling to switch from their current SVR due to reasons of cost.

Andy Gray, head of mortgages for Barclays, said: "We believe the deal launched today will help stimulate the market as it cuts those costs out and provides an additional £300 cashback."

This comes after the bank expanded the availability of its Switch & Fix deal - which allows homeowners to transfer from a tracker deal to a fixed-rate loan - on October 12th 2010.ADNFCR-1222-ID-800124406-ADNFCR

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