Barclays Great Escape remortgage 'offers a way out'

Date:Tuesday 19th October 2010
Author: Max Freedman

Consumers who are unable to switch away from their current home finance deals may welcome the Barclays Great Escape remortgage option, according to a source at the company.

Head of mortgages at the company Andy Gray claimed that anyone who has not yet switched away from a standard variable rate (SVR) arrangement is paying over the odds, as a result of the low base rate.

He explained that the Great Escape, which offers the chance to sign up for a tracker deal at 2.18 per cent above the base rate at up to 70 per cent loan to value, could save people cash on a monthly basis.

It also gives customers £300 cashback, so that individuals can pay any opt-out fee called for by their current provider.

"We have built this package specifically to help the 700,000 families who feel trapped on their current lender's SVR," said Mr Gray.

Last week, the same Barclays Great Escape remortgage supporter lauded the company's Switch & Fix service for the added flexibility it offers.