Barclays withdraws lifetime tracker mortgage range
Barclays has decided to stop offering lifetime tracker mortgages due to a lack of demand.
The lender has provided some of the most competitively priced long term mortgages for years and many of their existing customers are sitting on variable rates as low as 0.17% over the Bank of England base rate. As they are paying such a low rate for the life of the mortgage they are unlikely to switch banks.
Andy Gray, managing director of mortgages at Barclays, told Mortgage Strategy magazine: “We have seen a significant number of homeowners favouring our two-year and five-year fixed rate mortgages.
“It is evident that homeowners are looking for certainty with their mortgage payments, opting for fixed rate terms that help to protect their mortgage payments during the period in which we may see interest rates rise.”
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