Barclays' package of new 2 and 5 year fixed rate products and fee free options is designed 'to help more hard-working first time buyers to achieve their ambition of home ownership in the capital' and supporting those needing to move to their next home.
The new rates are as follows:
- 2 year fixed rate at 1.55 per cent with £999 fee
- 2 year fixed fee free at 1.85 per cent
- 5 year fixed at 2.19 per cent with a £999 fee
- 5 year fixed fee free at 2.49 per cent
Introduction of Barclays new Help To Buy London products will be available to qualifying borrowers buying a property in the London Boroughs who will be able to apply for an equity loan of up to 40 per cent LTV from the Help to Buy scheme.
Homebuyers and Movers will need to provide a 5 per cent deposit, meaning that a 55 per cent LTV mortgage is required. The maximum loan will be £330,000 and will have an extended end date of June 2018 / June 2021 respectively.
Craig Calder, Director of Mortgages for Barclays, said:
“Our new market leading range of shared equity products to support the London Help to Buy scheme is designed to help more hard-working first time buyers to achieve their ambition of home ownership in the capital, and supporting those needing to move to their next home.
“The gap between income and house prices is at its widest in London, which is why Barclays is committed to supporting the new ‘London Help to Buy’ initiative and providing other innovative ways to help even more people to afford a home in London.”
