Cookies on the this website
We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on this website. However, if you would like to, you can change your cookie settings at any time.
Continue

New to PropertyWire?

Welcome, and thank you for visiting our website.

PropertyWire is the leading publication for property investors and industry professionals interested in the world of international property investment.

Our aim is to give you intelligent commentary and analysis on the world of retail and commercial real estate.
If you've enjoyed what you've read so far why not sign up for our FREE property alert and online magazine PropertyWire Confidential.

Every week the PropertyWire team sends out a hard-hitting newsletter packed with news and analysis of the top stories plus the best investment opportunities on the market. We always look at the bigger picture like the Euro Crisis, and explain how this will affect YOUR investments.


Ask me later
No thanks

Tue
Sep 16th
Lost Password? Register
Home arrow News arrow Europe arrow UK lender Barclays announces the launch of some of its cheapest ever mortgage rates

UK lender Barclays announces the launch of some of its cheapest ever mortgage rates

Wednesday, 09 January 2013
Image
Barclays banks is cutting its mortgage rates for UK property buyers by up to 1% and is launching a new mortgage for those with a 5% deposit, it announced today (Wednesday 09 January).

Following feedback from its customers, Barclays will the new loan called Family Springboard on Monday 14 January to help boost the first time buyer market this year.

Elsewhere mortgage rates will be slashed by up to 1% from tomorrow giving home owners access to the cheapest mortgage deals Barclays has ever offered.
 
Barclays said that it is committed to continuing to help first time buyers get on the property ladder at a time when although lending to first time buyers is at the highest point since 2008 it's still way off the peaks of 2007.

The biggest hurdle facing first time buyers is the size of the deposit and the monthly mortgage payments. Barclays believes that its Family Springboard mortgage will help combat these issues.

The new products comes in two parts: It provides first time buyers with a competitive three year fixed rate available with a 5% deposit at 4.69% whilst their family opens a savings account linked to the mortgage into which they put 10% of the purchase price. When the three year fixed rate ends the savings are returned to the family.

In terms of the cheapest deals Barclays has ever offered, there will be a three year fixed rate deal for those with a 30% deposit, which sees the largest cut of 1% to 2.89%.  The two and five year fixed rates Barclays will be offering are priced at 2.39% and 3.39% for those with a 40% and 30% deposit respectively.

Key reductions are also being made on the Great Escape remortgage package for those borrowers whose monthly payments were hit by competitors increasing their Standard Variable Rate (SVR) last year. They can remortgage with a two year fixed rate deal where the rate has been cut from 3.49% to 2.99%.

This is a real boost for UK home buyers with small or large deposits as we are giving them access to the cheapest ever deals we've been able to offer,  brought about by the combination of the low base rate and funding for lending scheme,ђ said Andy Gray, managing director of mortgages for Barclays.

We've listened to our customers and need to continue to drive confidence in the housing market, the new family scheme and today's slashed rates will encourage people to think about buying or moving home, which in turn will help the economy move forward.  For existing home owners this is extra good news as they can still look to reduce their monthly outgoings by switching to cheaper rates,ђ he explained.

For Family Springboard, a first time buyer purchasing a home at 160,000 would need to save a 5% deposit ã8,000 and need a mortgage of 152,000. The family will be required to put ã16,000 into a Helpful Start savings account.  The mortgage repayments would be 861.34 a month at 4.69% for three years based on a 25 year repayment mortgage.

This story relates to: Property  banking  lending  uk  [SEE ALL]


BOOKMARK THIS PAGE (What is this?)     Digg!Reddit!Del.icio.us!Google!Live!Facebook!StumbleUpon!Newsvine!Furl!Yahoo!

 
More Recent News
Earlier News
To see all the latest news articles in our monthly online magazine, Property Wire Confidential, sign up free here



Europe: Top Headline

Number of foreign buyers in Paris region rises as French look to SpainNumber of foreign buyers in Paris region rises as French look to SpainForeign buyers are increasingly snapping up properties in and around Paris with new figures showing they account for almost one in 10 sales.



West Tower

West Tower

Car park

West Tower

home rental guide

Limousin Guide

Barratt Homes

Limousin Guide

West Tower

Search for Properties:

Feature story

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Company news

Estate and lettings agents UK advert campaign launched

The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have launched a new regional TV campaign to raise awareness among consumers of the importance of using an NAEA or ARLA licensed agent.

Finance Update

Barclays trims mortgage rates to attract more first time buyers

Barclays has launched new and reduced mortgage rates which it says will support first time buyers and those customers with a smaller deposit.

Features

Student accommodation investment check List

It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.

 

Newsletter

Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>

Subscribe to our Europe property and real estate news feed (RSS)