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Barclays offers fee-free remortgage package
Barclays is offering those borrowers currently paying its Standard Variable Rate (SVR) a fee-free, cash back remortgage.
Borrowers need at least 30% equity in their property to qualify.Launching tomorrow, the product is available through brokers and the branch network and targeted at an estimated 700,000 potential remortgagors put off by the costs involved in switching deals.
The lender is also offering its “Switch & Fix” tool – available on all Woolwich tracker products – enabling borrowers to switch to a Barclays Woolwich fixed rate mortgage without early repayment charges.
Andy Gray, head of mortgages for Barclays, said: “We know many of the barriers that stop people remortgaging are simply down to cost.
“With many SVRs at 3.5% or more, customers could save £60 per month or over £700 annually on a £150,000 repayment mortgage. While base rate remains at 0.50%, anybody delaying the decision to ditch SVR is paying more than they need to.”
He added: “With this new offer they retain the flexibility to switch to a fixed rate at any time should their expectations about base rate change, making this one of the most competitive packages on offer today.”