Unfortunately, this deal is no longer available
Barclays 7 year fixed mortgage - 1.45% - £999 booking fee - 60% LTV (existing customers 1.45% - £749 fee - 75% LTV) @ Barclays
2279° Expired

Barclays 7 year fixed mortgage - 1.45% - £999 booking fee - 60% LTV (existing customers 1.45% - £749 fee - 75% LTV) @ Barclays

Barclays Bank Deals
Deal editor213
Deal editor
2279° Expired
Barclays 7 year fixed mortgage - 1.45% - £999 booking fee - 60% LTV (existing customers 1.45% - £749 fee - 75% LTV) @ Barclays
Posted 5th Jul 2020

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

Update 1
7 year deal still available for existing mortgage customers - 1.45% rate and £749 booking fee and lower 75% LTV - credit @tommyjoey for the spot. No longer avaialble for new customers.
Further reduction on the Barclays 7 year fixed rate mortgage with a 1.45% rate and £999 booking fee (60% LTV). The cheapest 7 year mortgage that I have seen. Good for those who want longer term certainty and have the equity. Their 5 year fixed rate has also been reduced to 1.38% (£999 fee and 60% LTV). Barclays also offering a switch incentive to waive your standard legal fees or give you cashback.


3499737.jpg

3499737.jpg



60% Maximum Loan to Value (LTV) - 7 Year Fixed Rate 1.45% £999 booking fee

  • 7 year fixed rate 1.45% rate with 60% LTV - reverts to 3.59% after that period
  • £999 booking fee
  • Early Repayment charge 5%
  • Switch and they waive your standard legal fees or give you cashback
Community Updates
Top comments
These huge and unjustifiable "booking fees" really kill these deals. If you have 60% LTV there's almost no risk to the lender, save for an apocalyptic financial crash, the likes of which have never been seen in the UK before.

The booking fee should cover a little admin and the valuation, nothing more than that
gary33305/07/2020 17:34

You do realise this means a house price of £2.5 million don’t you?


Wrong. It means a house price of £1.67 million. £1 million is 60% of the price, not 40%.
60% ltv in London first time buyers impossible . People barely have 10%.
The fee or no fee debate always rages.

It really does depend on the size and term of your mortgage. (and also maybe remember the banks aren't a charity)

Some will be better paying the fee and getting lower rate. Others will be better reducing their mortgage by £999, not paying the fee but take the higher rate.

Basically your mortgage is quite a big deal, so it's a good idea to do the calculations (websites are plenty). Compare how much you will pay and how much of the mortgage will be left at the end of the fixed term.

This rate for 7 years seems pretty darn good.
213 Comments
Cheers OP. Mine is due up in December and if we're good we're hoping to get it cleared in 7 years, I always thought I'd have to do it with a 5 year and a 2 year but this might do nicely.
These huge and unjustifiable "booking fees" really kill these deals. If you have 60% LTV there's almost no risk to the lender, save for an apocalyptic financial crash, the likes of which have never been seen in the UK before.

The booking fee should cover a little admin and the valuation, nothing more than that
Great deal, shame I'm still fixed for another 2 years
monkeyhanger7505/07/2020 16:01

These huge and unjustifiable "booking fees" really kill these deals. If …These huge and unjustifiable "booking fees" really kill these deals. If you have 60% LTV there's almost no risk to the lender, save for an apocalyptic financial crash, the likes of which have never been seen in the UK before.The booking fee should cover a little admin and the valuation, nothing more than that


Greedy bankers as always
monkeyhanger7505/07/2020 16:01

These huge and unjustifiable "booking fees" really kill these deals. If …These huge and unjustifiable "booking fees" really kill these deals. If you have 60% LTV there's almost no risk to the lender, save for an apocalyptic financial crash, the likes of which have never been seen in the UK before.The booking fee should cover a little admin and the valuation, nothing more than that



Money making exercise. If they didn’t charge the near £1k booking fee the interest rate would be higher on this product.
Heat @Chanchi32
Very good deal and will be very helpful for alot of people in these trying and strange times
If you are going to pay an extra £12 a month or more, for the non fee 7 year fix due to higher interest rates, it makes sense to pay the fee doesn't it?
60% ltv in London first time buyers impossible . People barely have 10%.
The fee or no fee debate always rages.

It really does depend on the size and term of your mortgage. (and also maybe remember the banks aren't a charity)

Some will be better paying the fee and getting lower rate. Others will be better reducing their mortgage by £999, not paying the fee but take the higher rate.

Basically your mortgage is quite a big deal, so it's a good idea to do the calculations (websites are plenty). Compare how much you will pay and how much of the mortgage will be left at the end of the fixed term.

This rate for 7 years seems pretty darn good.
gu2gan05/07/2020 16:43

60% ltv in London first time buyers impossible . People …60% ltv in London first time buyers impossible . People barely have 10%.


They're not really pitching it at first time buyers though. Plenty of people out there who need to remortgage from time to time.
Max loan £1,000,000....
...at London prices....!
trannyboy05/07/2020 17:21

Max loan £1,000,000.... ...at London prices....!


You do realise this means a house price of £2.5 million don’t you?
adamg0205/07/2020 17:08

The fee or no fee debate always rages. It really does depend on the size …The fee or no fee debate always rages. It really does depend on the size and term of your mortgage. (and also maybe remember the banks aren't a charity) Some will be better paying the fee and getting lower rate. Others will be better reducing their mortgage by £999, not paying the fee but take the higher rate.Basically your mortgage is quite a big deal, so it's a good idea to do the calculations (websites are plenty). Compare how much you will pay and how much of the mortgage will be left at the end of the fixed term. This rate for 7 years seems pretty darn good.


For us it was best to take the fee but add it onto the mortgage, for example. Extra £84 spread over 5 years is well worth not having to fork out £1000 right now
tomwatts05/07/2020 17:40

For us it was best to take the fee but add it onto the mortgage, for …For us it was best to take the fee but add it onto the mortgage, for example. Extra £84 spread over 5 years is well worth not having to fork out £1000 right now


Doesn't that mean you'll pay about 4k for the 1k ?
gary33305/07/2020 17:34

You do realise this means a house price of £2.5 million don’t you?


Doh.......I have an N6 postcode......
gary33305/07/2020 17:34

You do realise this means a house price of £2.5 million don’t you?


Wrong. It means a house price of £1.67 million. £1 million is 60% of the price, not 40%.
monkeyhanger7505/07/2020 18:34

Wrong. It means a house price of £1.67 million. £1 million is 60% of the p …Wrong. It means a house price of £1.67 million. £1 million is 60% of the price, not 40%.


touché
FREEZIN_WOLF05/07/2020 18:53

Comment deleted


Here we have the security always there is a job an oportunity if we go out who knows.......
deadnheadless05/07/2020 16:41

If you are going to pay an extra £12 a month or more, for the non fee 7 …If you are going to pay an extra £12 a month or more, for the non fee 7 year fix due to higher interest rates, it makes sense to pay the fee doesn't it?


No, because that works out at £1,008. You can save £9, or pay the higher interest which decreases and is cheaper in real terms.
monkeyhanger7505/07/2020 16:01

These huge and unjustifiable "booking fees" really kill these deals. If …These huge and unjustifiable "booking fees" really kill these deals. If you have 60% LTV there's almost no risk to the lender, save for an apocalyptic financial crash, the likes of which have never been seen in the UK before.The booking fee should cover a little admin and the valuation, nothing more than that


Not really.

It certainly benefits people with larger mortgages.

There are plenty of zero fee options for people with lower mortgages.

If the fees were lower the rate would be higher.
trannyboy05/07/2020 17:21

Max loan £1,000,000.... ...at London prices....!


Very very few people, even in London borrow in excess of £1m and if the do, they'll be on specialist mortgage products/lenders.
Edited by: "Bash_er" 5th Jul
FREEZIN_WOLF05/07/2020 18:53

Comment deleted


I guess that's why house prices are so cheap in London as your view is the norm....
Bash_er05/07/2020 20:32

Not really.It certainly benefits people with larger mortgages. There are …Not really.It certainly benefits people with larger mortgages. There are plenty of zero fee options for people with lower mortgages.If the fees were lower the rate would be higher.


It's misleading. They advertise a headline rate that looks a lot better than it is once the "fee" is considered. It's like advertising a £1000 sofa for £400 and obliging a £400 delivery charge. This "fee" is disproportionate to the admin costs and risks associated with a 60% LTV mortgage.
Are any lenders giving 90% mortgages?
High "booking fee" and I am really not a fan of early repayment fees, 5% being £500 for every £10,000.
Life happens and 7 years is a long time...
Ive never understood the whole working out the product fee thing when you are considering part of your mortgage deal (if that makes sense)....so this is for 7 years but lets say you have approx 10 years left on your mortgage based on the monthly payments you can afford to make...then how does the calculation work when you only have partial info...i.e. you wont know what rate you will get in 7 years time for the last 3....whether to pay higher rate with no fee or fee with lower rate? That is the question...
monkeyhanger7505/07/2020 16:01

These huge and unjustifiable "booking fees" really kill these deals. If …These huge and unjustifiable "booking fees" really kill these deals. If you have 60% LTV there's almost no risk to the lender, save for an apocalyptic financial crash, the likes of which have never been seen in the UK before.The booking fee should cover a little admin and the valuation, nothing more than that


Why oh why do I have to see this time & time again on mortgage deals. Booking fees are normal practice with mortgage deals, often they’ll be 2 rates, one with booking fee, one without. You pick whichever works for you, but to say they are “huge” (subjective) & unjustifiable just shows you really don’t know what you’re talking about
KingBurger05/07/2020 22:20

High "booking fee" and I am really not a fan of early repayment fees, 5% …High "booking fee" and I am really not a fan of early repayment fees, 5% being £500 for every £10,000. Life happens and 7 years is a long time...


Well don’t take a 7 year deal if life is going to “happen” then. No-ones forcing you to take the deal. And early repayment charges are standard practice -usually 1% per year of fix up to a maximum of 5% if the deal is 5 years+, you can’t expect to enjoy the benefit of having fixed payments & the benefit of taking your mortgage elsewhere before the deal ends
monkeyhanger7505/07/2020 21:04

It's misleading. They advertise a headline rate that looks a lot better …It's misleading. They advertise a headline rate that looks a lot better than it is once the "fee" is considered. It's like advertising a £1000 sofa for £400 and obliging a £400 delivery charge. This "fee" is disproportionate to the admin costs and risks associated with a 60% LTV mortgage.


monkeyhanger7505/07/2020 21:04

It's misleading. They advertise a headline rate that looks a lot better …It's misleading. They advertise a headline rate that looks a lot better than it is once the "fee" is considered. It's like advertising a £1000 sofa for £400 and obliging a £400 delivery charge. This "fee" is disproportionate to the admin costs and risks associated with a 60% LTV mortgage.


How is it misleading? They tell you the rate & they tell you the booking fee. And your sofa analogy? £1000 sofa for £400 with £400 delivery, which is £800 so £200 saving?
Stormzy4805/07/2020 22:27

Ive never understood the whole working out the product fee thing when you …Ive never understood the whole working out the product fee thing when you are considering part of your mortgage deal (if that makes sense)....so this is for 7 years but lets say you have approx 10 years left on your mortgage based on the monthly payments you can afford to make...then how does the calculation work when you only have partial info...i.e. you wont know what rate you will get in 7 years time for the last 3....whether to pay higher rate with no fee or fee with lower rate? That is the question...


You work it out on the amount of the product itself plus the fee, in 7 years time you need to do it all over again. The fee and interest is just the portion you pay for 7 years of x term. If you are lucky rates will be low for the full term but if you aren’t lucky the amount if interest will fluctuate.

When we took our mortgages out 18 years ago for 20 years, rates were near 6% plus admin fees, went down to 4% and then the crash, been paying 0.59 above the base rate since 2007. What was supposed to be a stop gap has been a massive saving as it’s a life time tracker. But if we had had to change mortgage every few years the interest and fees would have been massive.
Edited by: "eslick" 5th Jul
daniellndn05/07/2020 20:41

I guess that's why house prices are so cheap in London as your view is the …I guess that's why house prices are so cheap in London as your view is the norm....


House prices aren't cheap in London and the South-east. Far from it.
Edited by: "Amir.Javid" 6th Jul
jp201605/07/2020 22:50

How is it misleading? They tell you the rate & they tell you the booking …How is it misleading? They tell you the rate & they tell you the booking fee. And your sofa analogy? £1000 sofa for £400 with £400 delivery, which is £800 so £200 saving?


The problem is, the market is full of convoluted jargon, and it doesn't benefit the consumer. So why not have just one price or flat rate? Using your analogy, if one company offered a sofa for a £1000, another company would compete and undercut this price selling the sofa for £900. The 1st company would then go down to £800, and the 2nd would then undercut to £700... This would go on and on until only one company can survive and the other company becomes bankrupt. So in order to compete on a more even playing field, companies create the illusion of offering you a good deal by tacking on all these other fees but advertise the main price in big bold letters usually preceeded by the word "only". This is called marketing and whoever markets the best ultimately fools the most people.
Bash_er05/07/2020 20:32

Not really.It certainly benefits people with larger mortgages. There are …Not really.It certainly benefits people with larger mortgages. There are plenty of zero fee options for people with lower mortgages.If the fees were lower the rate would be higher.


The cost to the consumer would be far more transparent for comparison purposes. It's misleading marketing designed to make people think they're getting a better deal than they are.

If you want this deal, how is that £1000 fee justifiable? £200 max in admin fees plus a drive-by valuation, another £250 max. Even those prices seem high for what they are.
jp201605/07/2020 22:50

How is it misleading? They tell you the rate & they tell you the booking …How is it misleading? They tell you the rate & they tell you the booking fee. And your sofa analogy? £1000 sofa for £400 with £400 delivery, which is £800 so £200 saving?


The point is, no one pays £800 for a "£1000" sofa. Its all marketing BS - inflated prices discounted to give the illusion of a bargain.
Fee or no fee. Its a choice, there are options dependent on the consumer and each have different benefits.

So its not one sofa. Its 2 sofas at different prices.

If I'm a 2 person family with a 50k mortgage and 7years left, that cheap sofa with delivery fee of 2% probably isn't for me.

If I'm a 6 person family (whose sofa is more likely going to get trashed with juice/sick/wee/chocolate) and a 300k mortgage with 20years left..

Then that cheap sofa with a 0.33% delivery fee is probably looking pretty good.


Again you do need to be careful and 1k fee every 2 years is going to be add up. (£500/yr). But for longer terms, £140/Yr is generally more manageable again depending on size and term of mortgage.
jp201605/07/2020 22:47

Well don’t take a 7 year deal if life is going to “happen” then. No-ones fo …Well don’t take a 7 year deal if life is going to “happen” then. No-ones forcing you to take the deal. And early repayment charges are standard practice -usually 1% per year of fix up to a maximum of 5% if the deal is 5 years+, you can’t expect to enjoy the benefit of having fixed payments & the benefit of taking your mortgage elsewhere before the deal ends


Who said I was going to take the deal and that they were forcing me to? What a very odd thing to say in a discussion.

The fact is though that people need to think about all possible outcomes before locking into a 7 year deal such as this. I am in a 6 year one on only a very slightly higher percentage but without the high setup costs and exit fees. Not all mortgage offers are the same - there are choices and with various scenarios it is important people make an informed one that is most suited to them.

Try being helpful rather than talking down to people like you have in all your replies. Makes you sound like a pushy salesman.
Edited by: "KingBurger" 6th Jul
How did these comments get on to advising how to finance a sofa?
monkeyhanger7506/07/2020 06:03

The cost to the consumer would be far more transparent for comparison …The cost to the consumer would be far more transparent for comparison purposes. It's misleading marketing designed to make people think they're getting a better deal than they are.If you want this deal, how is that £1000 fee justifiable? £200 max in admin fees plus a drive-by valuation, another £250 max. Even those prices seem high for what they are.


I love this comment because it sounds like you live in a simplistic world where everything is black and white.... but in reality there is alot of grey. So the fees contribute to the call centre that you want access for 7 years, the property that these people sit in, and (albeit dwindling) branches where some people (albeit less and less) sit in, Mortgage advisors because the people want the full regulation to protect them, the product team that designs this product, the marketing team that advertises, the website & it’s team, all the legal documentation and literature that goes with it, the risk element, what the bank could be doing with this money and not lending to you, I could go on and on...

Any way... yeah those bliming greedy bankers how dare they tell you up front how much everything is and try to make a profit!

Yeah rip off.
jchung0706/07/2020 07:29

I love this comment because it sounds like you live in a simplistic … I love this comment because it sounds like you live in a simplistic world where everything is black and white.... but in reality there is alot of grey. So the fees contribute to the call centre that you want access for 7 years, the property that these people sit in, and (albeit dwindling) branches where some people (albeit less and less) sit in, Mortgage advisors because the people want the full regulation to protect them, the product team that designs this product, the marketing team that advertises, the website & it’s team, all the legal documentation and literature that goes with it, the risk element, what the bank could be doing with this money and not lending to you, I could go on and on...Any way... yeah those bliming greedy bankers how dare they tell you up front how much everything is and try to make a profit! Yeah rip off.


So you work in a bank...

A bank lending on a 60% LTV basis has almost zero risk. If the mortgage holder defaults, the bank get to sell a property worth a lot more than is owed on it. Heap the justifiable fees on the higher risk mortgages - and be transparent about it.

Too many people get bamboozled with a total lack of transparency for financial products.
Edited by: "monkeyhanger75" 6th Jul
Amir.Javid06/07/2020 01:20

House prices aren't cheap in London and the South-east. Far from it.


I was being ironic.
Post a comment
Avatar
@
    Text