Most borrowers look to a fixed mortgage to provide security against the Bank of England raising interest rates by locking-in their repayments.
But Barclays is now offering a range of stepped mortgage, which depending on the way you look at it either comes with reduced costs for the first year - or its own rate rise.
The Stepped Fixed Rate mortgage involves a lower rate for the first year, before a move up sees your repayments increase for the rest.
Stepped rates: Barclays is offering two mortgages that start cheaper for the first year
So will you actually save any money over the long term, or are you just storing up extra costs once your own rate rises?
Keeping costs down
is a key factor when buying a property and now Barclays claims it can ease the financial strain with the stepped range.
The lender is offering three or five-year fixed rates for a 10 per cent deposit that will start at 3.49 per cent and 3.59 per cent, respectively, for the first year, before moving to 4.19 per cent for the rest of the deal term.
The idea is that you save money for the first year - when you may improving your new home or buying furniture - but then pay more for the rest of the deal term.
This may free up some extra cash at first, but there are a number of factors you need to consider to work out if you will save money in the long term.