Barclays unveils fee free mortgages with £1,000 cash back

Barclays is launching fee-free mortgages with up to £1,000 in cash back from today.

Its new purchase-only products are available on LTVs from 60% to 90% with fee-free options at 75%, 85% and 90%.

These products will be available to all property purchasers, whether first-time buyers or home movers.

Barclays is also cutting rates on the Great Escape range for those looking to remortgage, with £250 cash back, free legals and valuations.

And it is reducing rates on the Help to Buy 1 and 2 product range.

Craig Calder, director of mortgages at Barclays said: “The latest update to our mortgage range sees a focus on purchase products for homebuyers with small deposits from 5%."

Calder added: “We know how expensive buying a house or moving home can be so we’ve also introduced fee-free purchase-only products that give homebuyers cash back of up to £1,000 when they complete – with the flexibility to spend it how they want.”

New residential rates effective 22 October 2015

Introducing cashback on residential mortgage products

-          1.53% 2 Yr Fixed, 60% LTV, £999 fee (Cash back £250 purchase only)

-          2.39% 2 Yr Fixed, 75% LTV, £0 fee (Cash back £1,000 purchase only)

-          2.69% 2 Yr Fixed, 85% LTV, £0 fee (Cash back £1,000 purchase only)

-          3.19% 2 Yr Fixed, 90% LTV, £0 fee (Cash back £1,000 purchase only)

-          2.79% 5 Yr Fixed, 60% LTV, £0 fee (Cash back £250 purchase only)

-          2.99% 5 Yr Fixed, 75% LTV, £0 fee (Cash back £1,000 purchase only)

-          3.49% 5 Yr Fixed, 85% LTV, £0 fee (Cash back £1,000 purchase only)

-          3.89% 5 Yr Fixed, 90% LTV, £0 fee (Cash back £1,000 purchase only)

New residential mortgage products

-          1.95% 2 Yr Fixed, 60% LTV, £0 fee

-          1.57% 2 Yr Fixed, 60% LTV, £999 fee (remortgage only)

-          1.72% 2 Year Fixed, 70% LTV, £999 fee (purchase only)

-          1.75% 2 Yr Fixed, 70% LTV, £999 fee (remortgage only)

-          2.29% 5 Year Fixed 60% LTV, £1,999 fee, £500k minimum loan size

-          3.09% 5 Year Fixed, 75% LTV, £0 fee (Help to Buy shared equity scheme)

Rate cuts on 12 residential mortgage products

-          1.99% (BBBR + 1.49%) 2 Year Tracker, 85% LTV, £999 fee (-0.30%)

-          2.75% (BBBR + 2.25%) 2 Year Tracker, 90% LTV, £999 fee (-0.24%)

-          2.05% 2 Yr Fixed, 85% LTV, £999 fee (-0.04%)

-          2.76% 2 Yr Fixed, 90% LTV, £999 fee (-0.23%)

-          2.09% 2 Yr Fixed Great Escape®, 70% LTV, £0 fee (Cash back £250, free legals and non-disclosed valuation, remortgage only -0.15%)

-          2.29% 2 Year Fixed Great Escape®, 80% LTV, £0 fee (Cash back £250, free legals and non-disclosed valuation, remortgage only -0.06%)

-          2.34% 5 Year Fixed, 60% LTV, £999 fee (-0.05%)

-          2.79% 5 Year Fixed Great Escape®, 70% LTV, £0 fee (Cash back £250, free legals and non-disclosed valuation, remortgage only -0.16%)

-          3.54% 5 Year Fixed, 90% LTV, £999 fee (-0.15%)

-          3.99% 2 Year Fixed, 95% LTV, £0 fee (Help to Buy mortgage guarantee scheme – 0.26%)

-          4.75% 5 Year Fixed, 90% LTV, £0 fee, (Help to Buy mortgage guarantee scheme – 0.24%)

-          2.29% 2 Year Fixed, 75% LTV, £0 fee (Help to Buy shared equity scheme – 0.90%)