Homeowners looking to remortgage are in for a treat this week, with Barclays slashing their five-year fixed-rate mortgage to a record low of 3.83%!
This move comes hot on the heels of similar cuts from rivals NatWest and HSBC, sparking a price war in the mortgage market that’s great news for borrowers.
Just yesterday, HSBC made headlines by dropping their five-year fix to 3.92%, the lowest rate available at the time. But Barclays has now gone even further, undercutting HSBC, NatWest, and Nationwide with their incredible 3.83% deal.
What are the details of the deal?
Barclays’ market-leading mortgage has the following features:
- Rate: 3.83% fixed for five years
- Fee: £899
- Loan-to-value (LTV): 60% (meaning you’ll need a 40% deposit)
- Minimum loan: £5,000
- Maximum loan: £2,000,000
Why is this happening?
According to experts, these competitive rates are designed to attract new customers in a slowing housing market. With fewer people buying and selling properties, lenders are keen to make their deals as attractive as possible.
What does this mean for me?
If you’re looking to remortgage, now could be the perfect time to lock in a low rate for the next five years. These low rates won’t last forever, so it’s worth acting fast to secure the best deal. Speak to a mortgage broker or contact your lender to discuss your options.