Among the features of the Barclay’s Great Escape mortgage, borrowers are allowed to change from an inexpensive tracker rate to a Barclay’s fixed rate mortgage if rates begin to rise. Great Escape is a no fee tracker mortgage at base rate and 2.18 per cent if you have the required 30 percent equity in your property.
There is no application fee, the legal work is free and you can get £300 back. There is no premature payment fee required if you change over to a Barclay’s fixed rate mortgage, although if you chose another variable rate scheme or another lender, it will cost you 1 per cent until February 2013.
The rates rival most other deals being offered by other lenders and its key element is that it allows you to choose fixed rates for no fee or penalty. In today’s market, this is a comforting reassurance to many borrowers.
The only catch is that your fixed rate loan has to remain with Barclay’s or you will incur the 1 per cent charge.