Barclays ‘Great Escape’ mortgages now offering up to 85% LTV

Barclays ‘Great Escape’ mortgages now offering up to 85% LTV

Feeling stuck with an SVR mortgage? Barclays now offer up to 85% LTV with fixed rates of interest across their Great Escape remortgage portfolio.

The ‘Great Escape’ loan to value was extended from 70% to 75% in November 2010. Fast forward to today and the LTV has continued to increase. Barclays now offer a competitive portfolio of ‘Great Escape’ mortgages ranging from 60%-85% LTV1.

The package also offers fixed interest rates for either two or five years. These rates include 2.12% at 85% LTV (2 year) and 2.34% to 85% LTV (5 years).

Andy Gray, head of mortgages for Barclays in 2011 when their ‘Great Escape’ mortgages first gained momentum, commented at the time that: “Our latest estimate is that there are still 800,000 borrowers who are sitting on lenders standard variable rates (SVRs) who could benefit from switching.”2

Richard Merrett, managing director at largemortgageloans.com, said “Barclays ‘Great Escape‘ mortgages provide greater flexibility for clients looking to get out of their current mortgage. With an initial APRC rate of between 3.50-3.90%, the underwriting capacity of Barclays is broad ensuring all situations are considered.

What’s more, ‘Great Escape’ mortgages have a £0 product fee making them a very attractive proposition for potential clients. “

1 Barclays

2 Mortgage Solutions

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