Barclays 90 per cent LTV mortgage 'aimed at bringing sustainable growth'

Date:Thursday 10th June 2010
Author: Max Freedman

First-time buyers can benefit from the new Barclays 90 per cent loan-to-value (LTV) mortgage, but the organisation says it has wider goals after launching the product.

Andy Grey, head of mortgages for the firm, which will be offering the deal through its home purchase loan provider Woolwich, remarked that the aim is to get the housing market back on track with sustainable growth.

The Barclays 90 per cent LTV mortgage is available at a fixed rate of 4.99 per cent for the first two years, then it changes to a lifetime tracker at 2.49 above the base rate.

Mr Grey said: "This is about giving good rates at the right time which is excellent news for home-buyers and the housing market."

Last week, Barclays revealed that it had been ten years since Woolwich unveiled the first offset mortgage to be offered in the UK and suggested customers could be set to pay off their home loan up to three years earlier with the help of such an arrangement.