Barclays launches new Future Fix mortgage

Tuesday 14th February 2012

Barclays is today launching a new mortgage product which takes the form of a base rate tracker with a fixed follow-on rate.

The Woolwich Future Fix has a tracker for two years (base plus 2.99%) followed by a three-year fixed rate at 4.29%. It is available at up to 70% LTV. An application fee of £1,299 is charged.

Barclays has also cut 0.11% from its two-year fixed rate LTV from 3.59% to 3.48% this morning.

On buy-to-let mortgages the application fee structure is changing: for mortgages up to £500,000 the fee will be set at £1,999 and over £500,000 will be £3,999.

Last week, Barclays announced it increased its new net mortgage lending by 10% in 2011.

Andy Gray, head of mortgages at Barclays, said: “These changes reinforce our commitment to the mortgage market and to giving customers choice and value, with an innovative option.

“Future Fix gives borrowers the best of both worlds, especially for those who may have been put off by trackers previously, as it offers a really good compromise – tracking whilst rates are low now and also fixing at today’s historically low prices for two years’ time.”