Barclays launches its 95% Mortgage Guarantee Scheme products
Barclays have today announced their Mortgage Guarantee Scheme products, backed by the Government.
The 95% LTV products available for submission from Monday are a 3.99% 2-year fixed rate and a 4.09% 5-year fixed rate. Both have £0 fee on loans between £25k - £570k.
In addition to these new products, the bank have also announced changes to lending policy. From Friday 16th April, customers applying to borrow at greater than 85% LTV can benefit from a new maximum loan size on houses and flats - for houses the max loan is now £570,000 and for flats £275,000.
This is available on all purchases, including for first time buyers.
A Barclays spokesperson said:
“We are looking forward to supporting customers in their next steps as homeowners with the launch of two new 95% LTV products. These products are available under the Government’s Mortgage Guarantee Scheme and are open for applications from Monday.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
Santander
Santander to acquire TSB in £2.65bn deal
Bank Of England
Bank of England issues first-of-its-kind fine of £11.9m
Regulation
Lenders urged to prepare for court ruling on commissions as motor finance complaints surge
Financial Conduct Authority
FCA moves ahead with targeted support in 'transformational' advice reforms
This week's biggest stories:
Santander
Santander to acquire TSB in £2.65bn deal
Bank Of England
Bank of England issues first-of-its-kind fine of £11.9m
Regulation
Lenders urged to prepare for court ruling on commissions as motor finance complaints surge
Financial Conduct Authority
FCA moves ahead with targeted support in 'transformational' advice reforms
Mortgages
FCA and PRA remove 15% LTI cap for mortgage lenders
GDP
August rate cut likely as GDP falls for second consecutive month
