Barclays mortgage rates are launched to attract those with rising SVRs.

A new range of Barclays mortgage rates has been launched, in an attempt to capitalise on the remortgaging opportunities presented by other UK lenders increasing their standard variable rates.

The lender has announced the launch of four new Barclays mortgage rates which are to be fixed at varying levels and are priced as competitively as possible.

The range of deals on offer include what the lender calls a Great Escape remortgaging package for 70 pc LTV at a rate of 3.89 pc. Barclays efforts to attract new customers to switch their mortgage deals, include incentives such as fee free legal work, no application fees, £300 cashback and a free property valuation.

Other product additions to their residential mortgage range include a two year fixed rate mortgage for 60 pc LTV offered at a rate of 3.49 pc and a two year fix at 70 pc LTV offered at a rate of 3.59 pc. Barclays advise a three year fixed deal is also offered for up to 70 pc LTV at a rate of 3.89 pc. The new deals all revert to a lifetime tracker at base rate plus 3.39 pc at the end of the fixed term.

Mortgage holders can remortgage using Barclays switch and save service offering fee free legal work and a property valuation or alternatively £200 cashback.

Head of Barclays mortgages Andy Gray commented saying that their new range is all about helping borrowers reduce their mortgage costs. He added that a mortgage holder with a loan of £150,000, could save roughly £1,800 over a two year period by coming off an SVR of 4.79 pc and switching to one of the new Great Escape Barclays mortgage rates fixed at 3.89 pc.

For mortgage advice or details of any UK mortgage products or rates call Deal Direct.