Barclays Bank offers mortages through their mortgage arm "the Woolwich". Barclays acquired the Woolwich Building Society in 2000 and is the fifth largest lender in the UK.
There are many products to choose from with many listed in the "best buy" tables.
There are several mortgage products that are based upon the Barclays variable rate at a percentage above this for example as a tracker rate. You can't take out a direct variable mortgage with Barclays but the follow-on rate is a whopping 4.24%.
As mentioned above there is a standard variable rate mortage you can take with Barclays at 4.24% but there is no need to especially as the loan to value is a maximum 60%.
Not all Barclays tracker mortgages are for the life of the loan so these products revert to the Barclays variable rate of 4.24%. They track the Barclays Bank Base Rate - BBBR (which may or may not be the same as the Bank of England Base Rate) at a rate of 3.39% above the BBBR with various early redempton charges in the first 2 years.
A capped rate simply means you pay a variable interest rate but it goes no higher than a certain amount if rates rise. Barclays does not usually offer capped rate mortgages but it's worth looking on their site if this is what you are after.
These types of mortgages are very popular if you believe that rates will rise in the future or simply want to know that your monthly repayments will be fixed for a certain amount of time. Barclays offer a range of fixed rate mortgages but generally these are for 2 years, 3 years or 5 years. These then revert to the BBBR + 3.39% once the initial interest rate offer has expired. There are high early redemption penalties of 3% of the balance which would be repaid if you cancel your mortgage for whatever reason in the first 2 years you have it.
Most products carry an arrangement fee or application fee anywhere from £0 to £1,999 depending on the risk you pose (ie: high or low loan to value percentages). Many of these application fees are refundable if you eventually take out the mortgage and it's best to check with the Bank itself or your mortgage advisor on how this all works in your circumstances.
The actual interest rate charged on each products varies depending on three main factors:
With the risk being taken out of the market the very best deals are found where your loan to value percentage is low. Rates can vary by over 1% and the highest are where the LTV is 90% or more. If your LTV is 75% or less than you'll find the best deal from Barclays and all other banks.
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