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Barclays extends remortgage LTV to 85%

Barclays is extending its range of Woolwich remortgage deals to 85 per cent loan-to-value.

This includes the lender’s Great Escape deal, which was launched in October 2010 and was extended from 75 per cent LTV to 80 per cent LTV in January this year.

The new 85 per cent LTV rate is 4.69 per cent fixed for two years. The two-year fixed rates at 70 and 75 per cent LTV, which were cut by up to 0.15 per cent last week, remain unchanged at 3.74 per cent and 4.04 per cent.

All Great Escape deals come with no application fee, free legal work and £300 cashback to cover the cost of a borrower’s exit fee for leaving their present lender.

Head of mortgages Andy Gray says: “Barclays remortgage deals are proving a real hit amongst borrowers who are planning ahead in anticipating a rise in base rate. Customers who have already taken advantage of the Great Escape deals will save £28m in mortgage payments over the next two years and have been able to switch across from their current lender without being out of pocket on fees.”

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