The Great Escape is the newest mortgage product offered by Barclays. In an attempt to attract the estimated 700,000 home owners that converted at the end of their existing deal to a standard variable rate and are sitting and waiting, the deal offers lots of incentives. One attractive feature is the lifetime tracker rate at 2.18 per cent above the base rate. With the standard base rate at 0.5 per cent that puts The Great Escape at 2.68 per cent.
Other features to the package are free valuation and free legal work. There is no application fee either. Should the homeowner face early exit fees when leaving their existing lender The Great Escape offers 300 pounds cash back. Borrowers can also take advantage of Barclays’ Switch and Fix offer. The Switch and Fix allows the homeowner to switch from a tracker mortgage at any time to a fixed rate without incurring any early redemption charges.
For those looking for a switch to a lower rate, have at least 30 per cent equity in the property, and are considered low risk The Great Escape could be the competitive offer worth exploring.
With talk that the Bank of England’s base rate will possibly be going up in the beginning of the year many are seeking fixed rates. The Great Escape offering the addition of Barclays’ Switch and Fix makes the offer attractive to those wanting to take advantage of tracker rates with a historically low standard base rate, but the security in the knowledge a fixed rate could be theirs at any time.