Barclays launch 4.32% three-year fix mortgage for Premier customers - Please note, this rate has been withdrawn
Barclays for Intermediaries has launched a three-year fixed rate mortgage priced at 4.32% for higher-earning Premier Customers.
The mortgage is one of the most competitively priced fixed rates available in the market, currently undercutting virtually all of the other two- and five-year fixes plus the Bank of England trackers.
Barclays for Intermediaries' 4.32% mortgage is fixed until 30 September 2027 and is available to borrowers purchasing a property. Applicants will need a 40% deposit to qualify, and the maximum loan is £2 million. The lender's five-year fix is 0.01% more expensive if you want longer-term payment security and are buying a home.
The product has a £999 arrangement fee, and 3% early repayment charges apply. After the fixed period, the mortgage reverts to the lender's current 8.74% standard variable rate. The overall cost for comparison is 7.8% APRC representative.
To open a Barclays Premier bank account and qualify for the 4.32% mortgage, single or joint applicants must have lived in the UK for at least 12 months and have a gross annual income of at least £75,000.
If you deposit £100,000 with Barclays, you may also qualify for a Premier account. Applicants can borrow up to 5.5 times their salary to boost mortgage affordability, and interest only or part interest only may be available to specific borrowers.
Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a fixed rate basis at 4.32% and then on the lender's 7.8% standard variable rate for the remaining 28 years. The 4.32% rate would require 39 monthly repayments of £2,480.23 followed by 321 payments of £3,805.03. The total amount repayable would be £1,319,383.60 made up of the loan amount, plus interest (£818,144.03) and £999 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 7.8% APRC representative.
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The information contained within was correct at the time of publication but is subject to change
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