Barclays cut their remortgage rates to attract existing home-owners.
Barclays has announced it is cutting its remortgage rates in preparation for an aggressive remortgaging campaign which is being launched to attract new customers.
The lender advises that it plans to capitalise on the fact that many UK lenders have increased their standard variable mortgage rates. Cheap rate remortgages are being released to lure mortgage-holders away from other lenders.
The latest lender to increase its SVR is Santander, who has warned its customers that their rate will be hiked by 0.50% from 3 October. Barclays are targeting those impacted by the increase.
Barclays has reduced its 'Great Escape' remortgage rate by 0.25%, a 2 year fixed deal for 70% loan to value is available at 3.49%.
A spokesperson on behalf of the bank commented on the remortgage campaign, advising its rates have been cut to aid the many home-owners whose rate has increased or is due to increase. It is estimated SVR hikes will affect around 1.2 million households.
If your SVR has increased and you are looking at remortgaging you are recommended to call Deal Direct. We are an independent broker who will search the entire market to find a remortgage rate to beat your current lender's offer.
Call one of our advisers today for a quote.
