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Barclays launches FirstBuy mortgages from 4.59%

Barclays is to reduce rates its Woolwich fixed and tracker mortgages by up to 0.5 per cent and will launch two new products designed for first-time buyers using the Government’s FirstBuy scheme.

First-time buyers purchasing a house under the FirstBuy Direct scheme will have a choice of a Woolwich three-year fixed rate mortgage at 4.59 per cent or a five-year fixed rate at 5.49 per cent. Both come with a £299 application fee and revert to a lifetime tracker at base rate plus 2.99 per cent.

The new rates include a two-year fixed rate at 70 per cent loan-to-value, cut from 2.69 per cent to 2.49 per cent for customers who qualify for a Barclays loyalty mortgage, and 2.54 per cent for other customers.

There is a five-year fixed rate mortgage at 75 per cent available for 3.88 per cent for Barclays loyalty customers and 3.98 per cent for all other customers. The reductions make these the lowest ever rates available from Barclays.

Barclays head of mortgages Andy Gray says: “We would encourage people to act now and review their mortgage – it is impossible to tell how long these historically low rates will be available for. These latest deals provide borrowers with the opportunity to lock in at a great rate now and protect themselves against future base rate increases.”

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