Barclays hikes its £3 million two-year fixed mortgage to 1.59%
Barclays has increased the price of its leading two-year fixed rate available for mortgages up to £3 million.
The bank has raised its low 1.59% mortgage to 1.75%. It is fixed until 30th September 2017 and the overall cost for comparison is 3.8% APR.
After the fixed rate period the mortgage will revert to 3.49% over the Barclays base rate, currently 3.99%. The arrangement fee has been kept at £1,999 unlike some of its other rates.
Aaron Strutt, product manager at Trinity Financial, says: “Barclays has pushed up the price of many of its mortgages and some borrowers will find the new rates rather costly, especially if they are looking for a larger mortgage loan.
“Some of the other lender’s with large loan departments will be expecting to receive more applications on the back of the changes. Santander for Intermediaries and NatWest’s rates look a lot more competitively priced.”
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