6 Jan

Barclays' remortgage package extended to help homeowners

Barclays' remortgage package extended to help homeowners

People who have bought houses for sale in the UK and are considering remortgaging will now be able to take advantage of Barclays' extension to its loan package.

The financial services firm has announced that it will extend the loan-to-value (LTV) of its Woolwich Great Escape product in order for homeowners to achieve a better rate for remortgaging.

In November 2010, the Great Escape mortgage became available at LTVs of 70 to 75 per cent, but yesterday (January 5th 2011), Barclays revealed it has now been extended to 80 per cent LTV.

It comes at a charge of 3.18 per cent above the base rate, while the 70 per cent LTV deal can be taken out at 2.38 per cent higher the base rate.

Head of mortgages for the financier Andy Gray said the product could help the 800,000 borrowers who could "benefit from switching".

Last year, Mr Gray noted that there has been "huge demand for the Great Escape package" since its launch in October.  ADNFCR-1222-ID-800327699-ADNFCR

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