Barclays offering 1.59% fix for mortgages between £200k and £3 million
Barclays has launched a leading two-year large loan purchase and remortgage rate.
It is fixed at 1.59% until 30th June 2017 and available to borrowers providing they have a 35% deposit. The overall cost for comparison is 3.7% APR.
There is a £1,499 arrangement fee and the mortgage is available for loans between £200,000 and £3 million.
Aaron Strutt, product manager at Trinity Financial, says: “Barclays has increased some of its rates recently but they are still impressively priced.
“If you are looking for additional payment security the bank has a large loan five-year fixed rate but it is 0.7% more expensive.”
Barclays will pay for the property valuation and legal fees, reducing the cost of remortgaging to a better deal. After the fixed rate period the mortgage will revert to 3.39% over the Barclays base rate, currently 3.99%.
Monthly repayments
If you wanted to borrow £750,000 over a 25 year term, the monthly payments on Barclays two-year fix would be £993.75 on interest-only or £3,031.34 on full capital repayment.
If you would like help to secure a leading mortgage rate call Trinity on 020 7016 0790.
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