Barclays is targeting borrowers with a minimum 30% deposit stuck on a Standard Variable Rate (SVR) with its fee-free, cash-back remortgage.
Launching tomorrow, the product is available through brokers and the branch network and targeted at an estimated 700,000 potential remortgagors put off by the costs involved in switching deals. The tracker loan is offered at 70% Loan-to-Value at 2.18% over base rate, or 2.68% with no application fee, free legal work and valuation as well as £300 cash back toward any exit fees. Barclays is also offering its "Switch & Fix" tool - available on all Woolwich tracker products - enabling borrowers to switch to a Woolwich fixed-rate mortgage without early repayment charges. Andy Gray, head...
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