Barclays offering 1.24% tracker rate mortgage

by Aaron Strutt

Aug 05 2016

PLEASE NOTE THIS RATE HAS BEEN INCREASED BY 0.25%

Barclays for Intermediaries is offering an impressively low 1.24% two-year tracker, priced at 0.99% over the Barclays Bank Base Rate (BBBR). 

At the end of the tracker period, the mortgage reverts to 2.24% - which is 1.99% over the BBBR. The overall cost for comparison is 2.2% APRC.

Aaron Strutt, product director at Trinity Financial, says: “Even though the vast majority of borrowers lock into fixed rates, the tracker are great value for money, especially now the bank rate has been reduced.

“The lenders are starting to pass the full Bank of England base rate reduction onto borrowers with tracker or standard variable rates, but fixed rates are unlikely to reduce immediately.”

The 1.24% mortgage provided by Barclays has a £999 arrangement fee and 1% early repayment charges for the first two years. Applicants will need a 40% deposit to qualify, and there is £1 million maximum loan size. 

For help to secure a tracker rate mortgage, call Trinity on 020 7016 0790.