Last week Barclays lunched the UK’s lowest ever 10 year fixed rate mortgage at 2.99%, available to anyone with a deposit of 40%, for a fee of £999. This is about 1.41% below the average mortgage rate currently being paid in the UK.
I get the fact that a 10 year fixed will not only offer borrowers a good deal and long term peace of mind, but the big risk is that you have to stick to the loan for 10 years, or the penalties are BIG! Granted you can take the mortgage with you if you move (assuming you still fit to Barclays criteria), but who knows exactly what they are going to be doing over the next 10 years?
If I look back over my last 10 years, I live in the same house with the same husband and children as I did 10 years ago – but I’m boring! If I take my 2 best friends, one has moved house 4 times and the other has had 3 children with 2 husbands. Granted, all in the same house, but there have been lots of remortgaging to buy one or other’s equity share.
From Barclays point of view, although they aren’t making a killing on the interest rate, they’ve got you cornered for 10 years, which is excellent from an accounting point of view. Oh, and if you do manage to escape, Barclays will demand a fee of between 3 and 6% of your mortgage balance until March 2025!
A great deal if you’re boring like me!!
For more information or to speak to a mortgage adviser please contact us on 01628 507477.
Recent posts
The Equity Release Council has revealed that three in five UK homeowners are interested in releasing money from their property later in life.
Prices for UK houses drop in July 2024
8 days ago
The average seller’s asking price dropped by 0.4% in July, a bigger drop than we have typically seen.
We explore the differences between Millennials and Gen Z and what both generations ideally want from a new home.
Overpaying mortgage vs money into savings
18 Jun 2024
Should you overpay your mortgage? If you can put extra cash away you need to seriously consider whether you should pay more off on your mortgage or put it into a savings account.
Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy
Does the time of year make a difference in house purchases? The answer is, yes and no.
The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances.
6 Garden Tips to Add Value to Your Property
30 Apr 2024
If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.
Averages for a first time buyer in the UK
24 Apr 2024
Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.
More information
Trusted by
