Barclays' stepped fixed rate mortgage is specifically designed to help reduce the cost of the monthly payments during the first year of the new mortgage, and is available up to 90% LTV with no fee.
Customers can select a 3 year term at 3.49% for the first year with 4.19% for the remaining two years; or a 5 year term at 3.59% for the first year and 4.19% for the remaining four years.?
The 3 year product at 3.49% offers customers a £689 saving, while the 5 year product at 3.59% provides a £592 saving.
Andy Gray, Managing Director of Mortgages for Barclays, said:
“We know that when moving into a new home, decorating and buying new furniture can be expensive. Our new Stepped Fixed Rate Mortgage is creating greater opportunities for new homeowners to get on the property ladder during 2015, and we hope will help homeowners manage their finances in their first year a little more easily.”
