Barclays 10-year fixed mortgage for existing customers from 2.39%
346°

Barclays 10-year fixed mortgage for existing customers from 2.39%

12
Found 3rd Nov
Barclays have a series of 10-year fixed rate mortgages open to existing Barclays mortgage customers (there are some qualification requirements; please check). No legal or valuation fees because you're already their customer.

The 3 10-year products are:
2.39% (product fee £899, 60% maximum LTV)
2.59% (product fee £1999, 70% maximum LTV)
---- the above two rates are better than ANY listed on MSE for remortgaging customers! ----
2.69% (product fee £899, 80% maximum LTV)

With one interest rate rise just gone, and more on the cards, you may prefer the security of a long fix, which means you'll know exactly what you'll be paying each month for the next 10 years.

Top comments

Worth mentioning the high Early Repayment Charges on this if you think you may want/need to redeem the mortgage before the end of the 10 year term. Looks like 5% flat across the whole term:

5% of the balance repaid until 31 January '28
12 Comments

Original Poster

BTW, goes without saying that if this looks of interest and you qualify, you'll probably want to get down to your nearest branch as fast as you can run before they pull the deal and raise rates.
Edited by: "Genki" 3rd Nov

Worth mentioning the high Early Repayment Charges on this if you think you may want/need to redeem the mortgage before the end of the 10 year term. Looks like 5% flat across the whole term:

5% of the balance repaid until 31 January '28

Somnus20 m ago

Worth mentioning the high Early Repayment Charges on this if you think you …Worth mentioning the high Early Repayment Charges on this if you think you may want/need to redeem the mortgage before the end of the 10 year term. Looks like 5% flat across the whole term:5% of the balance repaid until 31 January '28



Good point, that's high. For the majority of lenders, it's usually 2% in the first year and 1% thereafter. If you had to move house during those ten years it could be costly. Most lenders would allow you to port the mortgage to a new property but only if you met their lending criteria at that time.

It's also worth mentioning that there are no more increases 'on the cards'. Most analysts believe yesterday's rise was just a reversal of the 0.25% 'emergency' cut following the EU referendum.

Master.G8 m ago

It's also worth mentioning that there are no more increases 'on the …It's also worth mentioning that there are no more increases 'on the cards'. Most analysts believe yesterday's rise was just a reversal of the 0.25% 'emergency' cut following the EU referendum.



Exactly. Mr Carney even insinuated yesterday that the next move is equally as likely to be back down as it is up....

Original Poster

Ben Broadbent, a deputy governor at the BOE, said on the Today programme this morning that there was the prospect of two more rate rises.
theguardian.com/bus…ive?page=with:block-59fc1bf8a2f1ae05ff6ec147#block-59fc1bf8a2f1ae05ff6ec147

Genki4 m ago

Ben Broadbent, a deputy governor at the BOE, said on the Today programme …Ben Broadbent, a deputy governor at the BOE, said on the Today programme this morning that there was the prospect of two more rate rises.https://www.theguardian.com/business/live/2017/nov/03/bank-of-englands-broadbent-admits-rate-hike-will-inflict-pain-business-live?page=with:block-59fc1bf8a2f1ae05ff6ec147#block-59fc1bf8a2f1ae05ff6ec147



What he actually said (as quoted in your Guardian link) was the Bank’s current view is that two more rate hikes will be needed to bring inflation back to the 2% target
"Given our outlook currently, we anticipate we’ll need maybe a couple more rate rises to get inflation back on track, while at the same time supporting the economy. That is not a promise, and it never could be a promise."


That's as woolly a statement as you could possibly make about the subject!

Genki4 h, 45 m ago

Ben Broadbent, a deputy governor at the BOE, said on the Today programme …Ben Broadbent, a deputy governor at the BOE, said on the Today programme this morning that there was the prospect of two more rate rises.https://www.theguardian.com/business/live/2017/nov/03/bank-of-englands-broadbent-admits-rate-hike-will-inflict-pain-business-live?page=with:block-59fc1bf8a2f1ae05ff6ec147#block-59fc1bf8a2f1ae05ff6ec147


They have been saying that for a while but know it will be to big of a shock in the next few years

Depending on how much you need to borrow, First Direct has some fee-free ones - by comparison the 60% LTV one from them is 2.49%. Say you want to borrow £120k, the difference in monthly payments is about £6. Over 10 years that works out less than the arrangement fee for Barclays. Also FD's ERC charges are 3% for the first year and 2% after that, and they allow unlimited over-payments if you can afford that.

The Barclays rates are on the MSE mortgage comparison tool along with TSB one at the same rates, so it may not be just for existing customers either.

Genki5 h, 5 m ago

Ben Broadbent, a deputy governor at the BOE, said on the Today programme …Ben Broadbent, a deputy governor at the BOE, said on the Today programme this morning that there was the prospect of two more rate rises.https://www.theguardian.com/business/live/2017/nov/03/bank-of-englands-broadbent-admits-rate-hike-will-inflict-pain-business-live?page=with:block-59fc1bf8a2f1ae05ff6ec147#block-59fc1bf8a2f1ae05ff6ec147


It needs to go back up in case there's no deal in 2019, in which it'll go back down again

I just tried barclays I done an aip and they are offering me £60,000 less than my current mortgage!!! Say that’s all I can afford even though I’ve been over paying my current lender £200 a month on top of my mortgage. Idiots . 51% LTV as well no risk to them at all. Sticking with my 1.35% instead . Was going to get their 5 year fixed 1.79%.

But if you're already in a fix they won't allow you to go to this without paying exit fees. You think if they locked you in for ten years it would just change your mortgage without any penalties.
Post a comment
Avatar
@
    Text