Unfortunately, this deal is no longer available
Barclays - 10 year fixed rate Mortgage - 1.99% - £999 fee (60%ltv)
2146° Expired

Barclays - 10 year fixed rate Mortgage - 1.99% - £999 fee (60%ltv)

Barclays Bank Deals
215
2146° Expired
Barclays - 10 year fixed rate Mortgage - 1.99% - £999 fee (60%ltv)
Posted 24th Jun 2020

This deal is expired. Here are some options that might interest you:

Edit: first time there has ever been a 10 year fixed deal below 2% in the U.K.

Barclays 10 year fixed rate mortgage - 1.99%, £999 fee is set to be a market leading product, with the nearest comparable being 2.07% through Halifax. Great if you plan to ride the next decade out without worry. It does have a fee so may not suit smaller mortgages but it’s a great amount of stability for people given all the uncertainty ahead. Applications open at midnight tonight.


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Top comments
danboi6324/06/2020 12:33

Fab if your in for security. When I (eventually) manage to get on the …Fab if your in for security. When I (eventually) manage to get on the ladder I am 100% going for a longer mortgage. Nothing beats knowing your payments won't change for 10years no matter how bad it gets.


Only disadvantage for me would be committing to the wife for 10 more years
Two years ago I signed up for a similar 10 year fixed rate mortgage thinking rates wouldn't go lower. I am paying 2.7% which was a market leading rate at that time.
HUKD must be getting some large kickback from Barclays recently. Wonder if the FCA has any rules on "recommending" a product like this?
Fab if your in for security.

When I (eventually) manage to get on the ladder I am 100% going for a longer mortgage. Nothing beats knowing your payments won't change for 10years no matter how bad it gets.
215 Comments
Fab if your in for security.

When I (eventually) manage to get on the ladder I am 100% going for a longer mortgage. Nothing beats knowing your payments won't change for 10years no matter how bad it gets.
danboi6324/06/2020 12:33

Fab if your in for security. When I (eventually) manage to get on the …Fab if your in for security. When I (eventually) manage to get on the ladder I am 100% going for a longer mortgage. Nothing beats knowing your payments won't change for 10years no matter how bad it gets.


Only disadvantage for me would be committing to the wife for 10 more years
BRILLIANT FIND DO YOU THINK ITS A SIGN OF THINGS TO COME
This is good news for borrowers as they must think the rates aren’t going to change much for the next 10 years to commit to this.
Worth checking what their ERC is on this, on their 7 year they released a few weeks ago it had gone up to 5% for the whole life of the mortgage. If that's the same on this then it's woeful to the point of criminality.
donny126624/06/2020 12:34

Only disadvantage for me would be committing to the wife for 10 more years


Not married, my commitments are more reliable and hardly ever get headaches
Two years ago I signed up for a similar 10 year fixed rate mortgage thinking rates wouldn't go lower. I am paying 2.7% which was a market leading rate at that time.
Good TMV, but a too risky investment for personal use, maybe good for someone who wants to invest in a buy to let property in a popular area.
Although this is a great interest rate, I personal wouldn’t go for it as a lot could happen in 10 years and I’m sure the early repayment charges will be high.

It is a big statement from Barclays regarding the way they think the markets going to look over the next 10 years.
Edited by: "BlaineLowthorpe" 24th Jun
mr_chris_bee24/06/2020 13:04

This is good news for borrowers as they must think the rates aren’t going t …This is good news for borrowers as they must think the rates aren’t going to change much for the next 10 years to commit to this.


They borrow the full money from elsewhere at 1% or less now so doesn’t necessarily mean they don’t think rates will rise.
Sirisena24/06/2020 13:48

Good TMV, but a too risky investment for personal use, maybe good for …Good TMV, but a too risky investment for personal use, maybe good for someone who wants to invest in a buy to let property in a popular area.


Would it be applicable for buy to let? I thought you would have to declare and this product would not be then valid?
Its 2.13% now
Seems to have gone up ?
ERC 5% of the balance until 31/7/2030.....!!!!
Oms_A24/06/2020 17:49

Its 2.13% now


That's the 75%LTV rate £749 fee for existing borrowing.

5% ERC for 10y will be a showstopper for many.


The Coventry 5+5 deals are worth a look if they still do them. 10y fix with 5y locking ERC.
HUKD must be getting some large kickback from Barclays recently. Wonder if the FCA has any rules on "recommending" a product like this?
BlaineLowthorpe24/06/2020 13:57

Although this is a great interest rate, I personal wouldn’t go for it as a …Although this is a great interest rate, I personal wouldn’t go for it as a lot could happen in 10 years and I’m sure the early repayment charges will be high. It is a big statement from Barclays regarding the way they think the markets going to look over the next 10 years.


Pretty much every single mortgage is portable nowadays, so unless you want to sell up and rent/flee the country, early repayment charges are largely irrelevant for most people.
benlondon24/06/2020 20:17

Pretty much every single mortgage is portable nowadays, so unless you want …Pretty much every single mortgage is portable nowadays, so unless you want to sell up and rent/flee the country, early repayment charges are largely irrelevant for most people.


It was just my opinion, personally I wouldn’t. It is portable but it all depends on what you want to do, if you want to borrow more down the line your circumstances may have changed and it might not be affordable anymore, you may have more kids, bigger commitments, your partner may leave you, who knows. That’s why I said no one knows what will happen in 10 years, it’s a long time.
Edited by: "BlaineLowthorpe" 24th Jun
Anyone recommend a financial advisor.
Need to sort mortgage as in a dilemma to pay off or get more out from property to buy 2nd one. Thanks
Nayno24/06/2020 20:45

Anyone recommend a financial advisor. Need to sort mortgage as in a …Anyone recommend a financial advisor. Need to sort mortgage as in a dilemma to pay off or get more out from property to buy 2nd one. Thanks


DM ME
BlaineLowthorpe24/06/2020 13:57

Although this is a great interest rate, I personal wouldn’t go for it as a …Although this is a great interest rate, I personal wouldn’t go for it as a lot could happen in 10 years and I’m sure the early repayment charges will be high. It is a big statement from Barclays regarding the way they think the markets going to look over the next 10 years.


Well as upthread everytime we say it can’t go lower / get cheaper it does. Most are aware now what’s going on.
Tracker mortgages are the product of this moment.
Nayno24/06/2020 20:45

Anyone recommend a financial advisor. Need to sort mortgage as in a …Anyone recommend a financial advisor. Need to sort mortgage as in a dilemma to pay off or get more out from property to buy 2nd one. Thanks


Habito
How difficult is it to change from a residential mortgage like this one to buy to let?
MAURICE_BOYLAN24/06/2020 12:53

BRILLIANT FIND DO YOU THINK ITS A SIGN OF THINGS TO COME


No, it’s a sign of how bad things are... if the economy is booming, interest rate goes up. It only ever goes down before a country collapses, see Greece.
Are these repayment or interest only?
ax0star24/06/2020 22:43

No, it’s a sign of how bad things are... if the economy is booming, i …No, it’s a sign of how bad things are... if the economy is booming, interest rate goes up. It only ever goes down before a country collapses, see Greece.


Agreed but interest rates are so out of kilter as mechanism to control monetary policy that they probably won't go back up to a meaningful number say 5% for a generation.
vraxxos24/06/2020 13:38

Two years ago I signed up for a similar 10 year fixed rate mortgage …Two years ago I signed up for a similar 10 year fixed rate mortgage thinking rates wouldn't go lower. I am paying 2.7% which was a market leading rate at that time.


Whilst a fall in rates is bound to be disappointing, this deal and the 2.7% deal is likely to represent outstanding value for money over the long term. For those of us who can recall double digit interest rates , decisions such as this are always based upon the balance of risk and probability. Market rates may well go down a little further, although it's hard to see how the Bank of England can drop the base rate much lower than 0.15%. The probability is that over a ten year cycle rates will rise , as can be demonstrated through history, with the risk being that this rise becomes very expensive to the customer. I am not a financial advisor, however, ten years fixed at rates such as these appears on the face of it to be good value, underpinned by long term stability. Heat added.
Rates are going to stay low for years to come so expect better deals, fintech companies will do better deals due to lower in house costs. The 1.99% rate, £999 fee will definately be challenged. Patience.
ax0star24/06/2020 22:43

No, it’s a sign of how bad things are... if the economy is booming, i …No, it’s a sign of how bad things are... if the economy is booming, interest rate goes up. It only ever goes down before a country collapses, see Greece.


Agree. Things are still to get worse. Regarding the economy best situation would be 2008, worst it's 1930s. Interest rates aren't rising anytime soon.
Damn I got a 10 year fix at 2.5% to see out my mortgage last year. There was no fee though
melmelee25/06/2020 07:43

Whilst a fall in rates is bound to be disappointing, this deal and the …Whilst a fall in rates is bound to be disappointing, this deal and the 2.7% deal is likely to represent outstanding value for money over the long term. For those of us who can recall double digit interest rates , decisions such as this are always based upon the balance of risk and probability. Market rates may well go down a little further, although it's hard to see how the Bank of England can drop the base rate much lower than 0.15%**. The probability is that over a ten year cycle rates will rise , as can be demonstrated through history, with the risk being that this rise becomes very expensive to the customer. I am not a financial advisor, however, ten years fixed at rates such as these appears on the face of it to be good value, underpinned by long term stability. Heat added.


** 0.10%, but good point made.
Edited by: "lanc1979" 25th Jun
mart32125/06/2020 08:39

Damn I got a 10 year fix at 2.5% to see out my mortgage last year. There …Damn I got a 10 year fix at 2.5% to see out my mortgage last year. There was no fee though


We arranged a 10 year fix @ 2.34% with no fee back in January which kicked in in May. I keep telling myself that I was happy with the deal then and the security it offers so I should be happy now....but I keep seeing these deals and having a nosey! Great deal for anyone looking at the moment but expect them to now get even better. Voted hot.
Edited by: "peterochdale" 25th Jun
Undoubtedly a good long term fixed rate at present, offering security and hassle free for many who need it.

However, when banks are pushing their fixed rates, there is a reason for it.


A recession is coming (/here), interest rates will go negative, and mortgage lending rates will continue to drop.

Of course, there's not a huge amount of room for them to go lower, but I wouldn't be suprised to see 1% fixed mortgages in the coming years, with long term rates getting close to 1.5%.

What do I know though
Edited by: "BTCBEN" 25th Jun
Does anyone know if these mortgages allow overpayment?

Also is the ERC based on the remaining mortgage at the time or the initial amount?
imranbashir_uk25/06/2020 10:12

Does anyone know if these mortgages allow overpayment?Also is the ERC …Does anyone know if these mortgages allow overpayment?Also is the ERC based on the remaining mortgage at the time or the initial amount?


Barclays erc is based on the amount borrowed hence why it's a dreadful option
Some great comments on this Very Important Topic as we are talking £ thousands Thanks to everyone
Jumbo9024/06/2020 20:13

HUKD must be getting some large kickback from Barclays recently. Wonder if …HUKD must be getting some large kickback from Barclays recently. Wonder if the FCA has any rules on "recommending" a product like this?


my point. with mods posting deals it is a recommendation. Surely you need to be a licensed credit broker?
imranbashir_uk25/06/2020 10:12

Does anyone know if these mortgages allow overpayment?Also is the ERC …Does anyone know if these mortgages allow overpayment?Also is the ERC based on the remaining mortgage at the time or the initial amount?


I don’t know about Barclays but with FD it is based on the remaining mortgage balance . Also , most banks allow overpayment upto 10% of your mortgage balance . FD allows unlimited overpayment as long as you don’t clear all your mortgage within the fixed period. I’m guessing Barclays and others allow only 10% overpayment.
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