Government Help
Barclays withdraws five-year Help to Buy product
Barclays is to withdraw one of its Help to Buy products after less than two months and cut the rate on another mortgage which is part of the government backed scheme.
The lender is to withdraw its five-year fixed rate product at the end of business today (Monday 20 May) and will also cut rates on its three-year Help to Buy deal.
That mortgage will now be available at 3.89% with a £299 fee, reduced from its previous rate of 4.39%.
Barclays was one of the first three brands to take part in the Help to Buy scheme alongside Halifax and Lloyds TSB following its launch on April 1.
Also from tomorrow the bank will offer its lowest ever five-year fixed rate product to borrowers. The product will now be available at 2.88% up to 60% LTV.
Andy Gray, managing director of mortgages for Barclays, said: “This is a real boost for UK homebuyers, giving them access to even lower mortgage rates.
“Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments so these changes will help consumers by giving them access to even better deals.
“As well as being of benefit to homebuyers, these products are also available to remortgage customers – with mortgage rates at historic lows, we would encourage existing homeowners to review their mortgage as they could benefit from substantial cost savings.”