Barclays has become the latest high street name to offer discounted
mortgage deals to its
current account holders.
As from 1 September, customers of the bank will qualify for a reduction of up to 0.54 per cent on selected tracker, fixed rate and offset deals.
The bank said those with an average
mortgage advance of £135,000 stand to make a saving of £922 in the first two years of their loan, while those with larger
mortgages could save more than £3,400.
Andy Gray, head of
mortgages for
Barclays, said the new loyalty deals had been developed to “supplement” the offers currently available from Barclays’ standard
mortgage range.
"They also build on the drop-lock facility we launched last month which gives new tracker and offset customers the flexibility of a low tracker rate now, and the option to switch to a fixed rate-in the future when they need greater security, without incurring an early repayment charge," he said.
Loyalty incentives have become a trend among financial organisations in recent months, with Santander, Co-op/Britannia and Halifax all offering similar deals to their
current account holders.
