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 average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.
Delayed Start Mortgage from Skipton
6 days ago
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.
Gardening Tips for Beginners
11 days ago
If you have recently moved into a property with a garden that requires a little TLC, or you’d like to get on top of your current green space, check out our tips.
The Family-Backed Mortgage from NatWest
14 days ago
High street lender, NatWest, have launched a new product to help first-time buyers purchase a property with assistance from a family member or friend to get them on the property ladder sooner.
The Impact of Klarna on Mortgage Applications
15 days ago
‘Buy Now, Pay Later’ (BNPL) schemes, such as ‘Klarna’ are short-term loans that allow shoppers to make a purchase, but delay paying for it for an agreed amount of time.
Klarna is one of the most popular BNPL services with 18 million customers in the UK alone, and offers interest-free payment options which is appealing to shoppers. However, does it affect a mortgage application?
Buy to Let mortgages: what's happening?
20 days ago
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
14 Apr 2025
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
14 Apr 2025
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
More information
Trusted by
