Barclays remortgage deals 'allow consumers to cut expenses'

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Barclays remortgage deals 'allow consumers to cut expenses'

Homeowners could find that they can cut their monthly outgoings by signing up to a Barclays mortgage, according to a source from the company.

Andy Gray, head of mortgages at the firm, made his remarks after Barclays announced that its Great Escape switching offer has been made available to people applying for arrangements at up to 80 per cent loan to value.

He claimed now is the ideal time to review how much individuals are paying for their mortgage and suggested they could end up paying less by changing providers.

"Our latest estimate is that there are still 800,000 borrowers who are sitting on lenders' standard variable rates who could benefit from switching," said Mr Gray.

The Barclays Great Escape promotion gives customers £300 cashback to cover the costs involved with moving a mortgage away from a provider.

There may be plenty of people looking to cut costs this month, after the company reported UK consumers were estimated to spend nearly £50 billion over the Christmas holidays.

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