Barclays has unveiled a number of new home loan products, which come after the bank’s annual results showed a ten per cent rise in new mortgage lending.
As part of the update, the institute is introducing a cut of 0.11 percentage points on its two-year fixed-rate deal at 80 per cent loan-to-value (LTV), taking it from 3.59 per cent to 3.48 per cent.
In addition, the new Future Fix product will see the combination of a base rate tracker and fixed-rate, which aims to give customers the best of both worlds.
This arrangement is available at up to 70 per cent LTV over a term of five years.
Andy Gray, head of mortgages at Barclays – which has been in operation for more than 300 years – said: “These changes reinforce our commitment to the mortgage market and to giving customers choice and value, with an innovative option.”
The industry figure added the Future Fix option offers a good compromise by tracking while rates are currently low and also fixing at today’s markedly low prices.
