Barclays make seventh consecutive mortgage rate cut
www.moneynews.co.uk > Mortgages > Barclays make seventh consecutive mortgage rate cut
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Barclays make seventh consecutive mortgage rate cut
Wed 3rd Aug 2011
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However, alongside this, Barclays will make a number of LTV rate increases to some of its mortgage range at 70 per cent LTV. The bank will also withdraw its 70 per cent open market and Loyalty offsets.
The rate decreases affect the three-year fixed-rate loan, which will be cut from 4.68 to 4.13 per cent at 80 per cent LTV. Barclay's five-year fixed-rate products at 80 and 85 per cent LTV will also be cut by up to 0.50 percentage points, meaning "great news for borrowers", according to Laoiseach Lynch, head of mortgage products at the lender.
"Our rate cuts this time are focused on higher LTVs as we aim to make borrowing more accessible and affordable for those with a smaller deposit," he added.
Darren Owen, director at Property & Finance Solutions, recently said the key to stimulating house purchases is to solve the issue of financing. He believes that the UK's shortfall in housing means that property demand has never really decreased.
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Related News : Barclays |
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