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.
There was a 32% increase last year in 100% loan-to-value (LTV) mortgages which are mortgages that require zero deposit. According to a recent report by chartered accountants and business advisers, Lubbock Fine, the reason behind this is buyers simply struggling to save enough for a deposit.
2 days ago
Many people are quite private when it comes to what is in their bank account. In this short blog, we look into what Brits have saved by age group.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
20 May 2025
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
19 May 2025
It’s important to ask questions about the property you are interested in before taking that step to make an offer. A little probing can make all the difference between buying your dream house or something that requires a lot of work.
16 May 2025
There are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement giving those who are 'asset rich but cash poor' a way to live out their retirement the way they wish.