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Barclays 7 year fixed mortgage - 1.54% - £999 booking fee - 60% LTV @ Barclays
1897° Expired

Barclays 7 year fixed mortgage - 1.54% - £999 booking fee - 60% LTV @ Barclays

Barclays Bank Deals
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1897° Expired
Barclays 7 year fixed mortgage - 1.54% - £999 booking fee - 60% LTV @ Barclays
Posted 17th Jun

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

Update 1
Rate decreased further as of 25/06 - now 1.54% for 7 years with £999 booking fee (60% LTV)
Barclays have reduced some of their fixed mortgage rates further, including their 7 year fixed rate mortgage with a 1.54% headline rate and £999 booking fee. Whilst the headline rate is slightly higher than some of the 5 year deals, you are getting a longer term rate which may suit some looking for more certainty. Barclays also offering a switch incentive to waive your standard legal fees or give you cashback.

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60% Maximum Loan to Value (LTV) - 7 Year Fixed Rate 1.54% £999 booking fee

  • 7 year fixed rate 1.54% 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

If you wanted some options for a longer term fix, there is a 1.99% rate for 10 years with £999 product fee (2.24% with no product fee).


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Community Updates
Top comments
We've actually just signed up for a 10 years mortgage with Barclays at 2.13%. Many would see me been mad to do so.

Although there are a lot of low rate mortgages, but their fees tends to be quite high, and unless you have a lot of asset in your home, a lot of lender only give out this rate is you have some 60% LTV.

Plus each time you have to remortgage, there is always that dreaded fee again, and no guarantee with the interest rate by then, hence going for something which I can pay and have a peace of mind. Just my 2p worth comment
Good headline rate but 7 year mortgage with a 5% erc is truly awful, I'm tied into a 5 year barclays mortgage with a 3% erc which I thought was bad.

Unless your mortgage is small I'd give this a miss, who knows what's going to happen over 7 years
clingon17/06/2020 19:35

All good until rates go negative.. then folks be like... oh...


Even if rates went to say -0.5% banks will still be charging 1-1.5%
matedodgy17/06/2020 18:09

Why did you think the 999 fee was worth paying


It’s down to how much you are borrowing, if you are borrowing £50k £999 fee is expensive as the saving in the rate won’t cover the fee. If you are borrowing £500k mortgage £999 fee to get a cheaper rate is cheap to pay. You just have to work out the saving on interest rate over the fixed years from one with a fee and a higher rate mortgage with no fee. As long as the % difference saves you more than the fee it’s best to add the fee on than the one with zero fee and a higher rate. If the cheaper rate doesn’t save you more than the fee it’s cheaper to get the zero fee one
252 Comments
wow, looks like banks are expecting rates to be low for a few years....

on the other hand, I am guessing not many takers for a 7 year mortgage deal.
Edited by: "diddlypockets" 17th Jun
diddlypockets17/06/2020 16:14

wow, looks like banks are expecting rates to be low for a few years....on …wow, looks like banks are expecting rates to be low for a few years....on the other hand, I am guessing not many takers for a 7 year mortgage deal.


That's too much commitment.
it's also +0.29% more expensive than the lloyds 5 year fix; objectively it probably is the best 7-year fix and interesting to see, but I'd bank the saving for 5 years personally.

Shame I grabbed a 1.64% 5 year fix 6 months ago, but oh well it was good at the time....
Edited by: "PR1" 17th Jun
Just fixed mine 1.21% with NatWest. 2 years.
Good headline rate but 7 year mortgage with a 5% erc is truly awful, I'm tied into a 5 year barclays mortgage with a 3% erc which I thought was bad.

Unless your mortgage is small I'd give this a miss, who knows what's going to happen over 7 years
Booking fee kills it for me. On top of that, not sure i would want to fix for longer than 5yrs anyway.
May be suitable for others though.
Edited by: "kidrock123" 17th Jun
diddlypockets17/06/2020 16:14

wow, looks like banks are expecting rates to be low for a few years....on …wow, looks like banks are expecting rates to be low for a few years....on the other hand, I am guessing not many takers for a 7 year mortgage deal.


Rates are going negative, so don’t sign up for this shambolic offer
The seven year itch mortgage

Nice.
online201417/06/2020 16:47

Rates are going negative, so don’t sign up for this shambolic offer


Why is this a shambolic rate?
We've actually just signed up for a 10 years mortgage with Barclays at 2.13%. Many would see me been mad to do so.

Although there are a lot of low rate mortgages, but their fees tends to be quite high, and unless you have a lot of asset in your home, a lot of lender only give out this rate is you have some 60% LTV.

Plus each time you have to remortgage, there is always that dreaded fee again, and no guarantee with the interest rate by then, hence going for something which I can pay and have a peace of mind. Just my 2p worth comment
c5817/06/2020 16:37

Good headline rate but 7 year mortgage with a 5% erc is truly awful, I'm …Good headline rate but 7 year mortgage with a 5% erc is truly awful, I'm tied into a 5 year barclays mortgage with a 3% erc which I thought was bad.Unless your mortgage is small I'd give this a miss, who knows what's going to happen over 7 years


Sorry whats erc?
daniellndn17/06/2020 17:53

Comment deleted



the 3-4 million on the dole.. in 2021.. house markets will crash..
Andykel0717/06/2020 17:53

Early repayment charge


👌 Ah ok, thanks

My deal has a erc and I hate it
EDEN18817/06/2020 17:08

We've actually just signed up for a 10 years mortgage with Barclays at …We've actually just signed up for a 10 years mortgage with Barclays at 2.13%. Many would see me been mad to do so.Although there are a lot of low rate mortgages, but their fees tends to be quite high, and unless you have a lot of asset in your home, a lot of lender only give out this rate is you have some 60% LTV.Plus each time you have to remortgage, there is always that dreaded fee again, and no guarantee with the interest rate by then, hence going for something which I can pay and have a peace of mind. Just my 2p worth comment


Why did you think the 999 fee was worth paying
matedodgy17/06/2020 18:09

Why did you think the 999 fee was worth paying


Hi, we've paid £799 before it went up. I don't think any fee is worth paying, my comment was about having to pay again each time you remortgage, which I take into consideration when choosing the mortgage.
That early repayment charge is crazy 5% usually 2% max
matedodgy17/06/2020 18:09

Why did you think the 999 fee was worth paying


It’s down to how much you are borrowing, if you are borrowing £50k £999 fee is expensive as the saving in the rate won’t cover the fee. If you are borrowing £500k mortgage £999 fee to get a cheaper rate is cheap to pay. You just have to work out the saving on interest rate over the fixed years from one with a fee and a higher rate mortgage with no fee. As long as the % difference saves you more than the fee it’s best to add the fee on than the one with zero fee and a higher rate. If the cheaper rate doesn’t save you more than the fee it’s cheaper to get the zero fee one
All good until rates go negative.. then folks be like... oh...

Citation edit:
cnbc.com/201…tml
Edited by: "clingon" 17th Jun
EDEN18817/06/2020 17:08

We've actually just signed up for a 10 years mortgage with Barclays at …We've actually just signed up for a 10 years mortgage with Barclays at 2.13%. Many would see me been mad to do so.Although there are a lot of low rate mortgages, but their fees tends to be quite high, and unless you have a lot of asset in your home, a lot of lender only give out this rate is you have some 60% LTV.Plus each time you have to remortgage, there is always that dreaded fee again, and no guarantee with the interest rate by then, hence going for something which I can pay and have a peace of mind. Just my 2p worth comment


When LTV is higher longer term fixes make less sense as your LTV can improve enough in 2 years to get the better rates.

A lower rates also pay off more debt than a higher rate, some miss this important feature of mortgages.
It means you get some of any rate rises covered by a lower debt in future years.

Multiple fees is a number crunch often multiple short deals are better than a long deal even with an extra fee or two.
clingon17/06/2020 19:35

All good until rates go negative.. then folks be like... oh...


Even if rates went to say -0.5% banks will still be charging 1-1.5%
The sign of bad time’s when 7 year fixed mortgages at these rates. It means your better of with a tracker mortgage
daniellndn17/06/2020 17:53

Comment deleted


It’s been coming for a few years and people into finance or half clued up knew it was coming, the general public are only just cracking on now
online201417/06/2020 16:47

Rates are going negative, so don’t sign up for this shambolic offer


They are never going to be negative after fees. You can mark my words on that.

At a certain point rates can become too low to make offering mortgages a profitable business model. At that point banks simply won’t offer mortgages and you’ll need the state to start offering them. You can keep dreaming though.
Edited by: "TightNortherner" 17th Jun
Im on 1.99% with Barclays and am 3.5 years in to my 7 years, anyone know if i can switch to something like this?
TightNortherner17/06/2020 21:13

They are never going to be negative after fees. You can mark my words on …They are never going to be negative after fees. You can mark my words on that.At a certain point rates can become too low to make offering mortgages a profitable business model. At that point banks simply won’t offer mortgages and you’ll need the state to start offering them. You can keep dreaming though.


Like I said they won’t go below 1% or they can’t make any money so pointless lending it to start with . Even 1% they not making much . Wasn’t that long ago I fixed for 2 years at 5.85% at the time that was cheap
online201417/06/2020 20:34

It’s been coming for a few years and people into finance or half clued up k …It’s been coming for a few years and people into finance or half clued up knew it was coming, the general public are only just cracking on now


Has it? What is this based upon? As base rate trend, minutes of BOE and inflation doesn’t suggest it was going negative.
daniellndn17/06/2020 21:39

Comment deleted


Especially as most mortgage contracts have a floor of 0% plus margin
getmore4less17/06/2020 19:38

When LTV is higher longer term fixes make less sense as your LTV can …When LTV is higher longer term fixes make less sense as your LTV can improve enough in 2 years to get the better rates.A lower rates also pay off more debt than a higher rate, some miss this important feature of mortgages. It means you get some of any rate rises covered by a lower debt in future years. Multiple fees is a number crunch often multiple short deals are better than a long deal even with an extra fee or two.


I agree with most of what you've said when it comes to having a short term lower interest in order to pay more of the principal and less of the interest on your mortgage.

However, with the new mortgage eligibility criteria in place now, it might be risky for someone who may have had employment gaps, have had to take a lower paid role just to keep things going, any illness/personal issues to get a good offer or even be eligible every 2 years.
A 5 year fixed term in these conditions should be seriously looked at. Not a fan of the fees being charged but that can be negotiated I have been told many times.
Just agreed a 5 year fixed at 1.59% with 649 fee. 125k mortgage 75% ltv.

Margins are already paper thin on mortgages as far as banks are concerned. Really can't see them going much lower even if the base rate goes negative.
crazy_b17/06/2020 19:49

Even if rates went to say -0.5% banks will still be charging 1-1.5%


Nope not necessarily, the Danish interest rate is -0.75% and the banks offer rates of 0% or 0.5% or even 10 year mortgages with negative interest rates.

cnbc.com/201…tml
clingon17/06/2020 23:02

Nope not necessarily, the Danish interest rate is -0.75% and the banks …Nope not necessarily, the Danish interest rate is -0.75% and the banks offer rates of 0% or 0.5% or even 10 year mortgages with negative interest rates.https://www.cnbc.com/2019/08/12/danish-bank-is-offering-10-year-mortgages-with-negative-interest-rates.html


Necessarily as they have a different funding and cost model...
clingon17/06/2020 23:02

Nope not necessarily, the Danish interest rate is -0.75% and the banks …Nope not necessarily, the Danish interest rate is -0.75% and the banks offer rates of 0% or 0.5% or even 10 year mortgages with negative interest rates.https://www.cnbc.com/2019/08/12/danish-bank-is-offering-10-year-mortgages-with-negative-interest-rates.html


From reading that article, and the links inside it: It's not a full mortgage to buy a house, it's to take an additional loan on top of your existing mortgage for house upgrades/car etc.
daniellndn17/06/2020 17:56

Comment deleted


That would be really interesting. Would that mean the bank would pay me to have a mortgage?

That really would be worth fixing for 7yrs.
causerino17/06/2020 23:21

From reading that article, and the links inside it: It's not a full …From reading that article, and the links inside it: It's not a full mortgage to buy a house, it's to take an additional loan on top of your existing mortgage for house upgrades/car etc.


It's mortgages

Another article here that also highlighting the possibilities of zero/ subzero BOE base rates, whilst being on a long term fix.

theguardian.com/bus…ngs
clingon17/06/2020 23:55

It's mortgagesAnother article here that also highlighting the …It's mortgagesAnother article here that also highlighting the possibilities of zero/ subzero BOE base rates, whilst being on a long term fix.https://www.theguardian.com/business/2020/may/21/what-would-negative-interest-rates-mean-for-mortgages-and-savings


Just have a read of the article you posted and the first link, which is from the bank they are quoting. Yes it's called a mortgage, but it's an additional loan. 500,000 DKK (circa 60k GBP) borrowed, fixed for 10 years at -0.5%. Total pay back, 543,721 dkk.

"Due to the maturity, the loan is an obvious additional loan. Due to the cost of borrowing, the loan must be up to a certain size (at least 200,000) in order for it to pay off. The loan is not available with interest free.

Examples of what the additional loan can be used for:

Home Improvements
Need New Kitchen, Bathroom, Garage or Other? If you have a value in your home, a fixed-rate loan of -0.5% can be used. at face value be an obvious additional loan to fund your home improvements.
Mortgage loans as car loans
If you have a value in your home, a fixed-rate loan with -0.5% can be used. At par, interest rates are a particularly attractive alternative to other car loans on the market. There is no down payment requirement when you finance the car with a mortgage. We recommend that you choose a mortgage term that roughly matches the life of the car.
Collect your loans
If you still need to take out an additional loan , consider whether you have other expensive debt. If you have enough free value, you may be able to save money by taking out a larger additional loan and repaying the expensive loans. This way, you collect your debt without the large additional costs, as it happens when you already take out an additional loan."
Do you really wanna live another 7 years with her?
causerino18/06/2020 00:04

Just have a read of the article you posted and the first link, which is …Just have a read of the article you posted and the first link, which is from the bank they are quoting. Yes it's called a mortgage, but it's an additional loan. 500,000 DKK (circa 60k GBP) borrowed, fixed for 10 years at -0.5%. Total pay back, 543,721 dkk. "Due to the maturity, the loan is an obvious additional loan. Due to the cost of borrowing, the loan must be up to a certain size (at least 200,000) in order for it to pay off. The loan is not available with interest free.Examples of what the additional loan can be used for:Home ImprovementsNeed New Kitchen, Bathroom, Garage or Other? If you have a value in your home, a fixed-rate loan of -0.5% can be used. at face value be an obvious additional loan to fund your home improvements.Mortgage loans as car loansIf you have a value in your home, a fixed-rate loan with -0.5% can be used. At par, interest rates are a particularly attractive alternative to other car loans on the market. There is no down payment requirement when you finance the car with a mortgage. We recommend that you choose a mortgage term that roughly matches the life of the car.Collect your loansIf you still need to take out an additional loan , consider whether you have other expensive debt. If you have enough free value, you may be able to save money by taking out a larger additional loan and repaying the expensive loans. This way, you collect your debt without the large additional costs, as it happens when you already take out an additional loan."


Yip still a mortgage, besides other Danish banks with more conventual mortgages based on their negative base rates and as per the other articles/ info it's not just Denmark but other countries too.

My point is still, keep in mind base rates do and can go negative and will most likely impact your mortgage if and when they do.
Edited by: "clingon" 18th Jun
clingon18/06/2020 00:19

Yip still a mortgage, besides other Danish banks with more conventual …Yip still a mortgage, besides other Danish banks with more conventual mortgages based on their negative base rates and as per the other articles/ info it's not just Denmark but other countries too.My point is still, keep in mind base rates do and can go negative and will most likely impact your mortgage if and when they do.


Do you have any links to any of these negative conventional mortgages? So far all I can see is 1/2/3% mortgages for house purchases.

My point is, even with negative base rates, you will never have an negative effective APR mortgage.
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