Based on model calculations we predict electric-field control of the spin transfer torque (STT) in magnetic tunnel junctions with ferroelectric barriers. We demonstrate that the bias dependence of the in-plane, T , and out-of-plane, T ⊥ , components of the STT can be dramatically modified by the ferroelectric polarization. In particular, the magnitude of the STT can be enhanced or suppressed by switching the polarization direction and in some cases the sign of STT can be toggled. The underlying mechanism is the combination of polarization-induced symmetry breaking and the interplay of the bias-induced and polarization-induced spin-dependent screening giving rise to a rich behavior of the electrostatic potential energy profile. These properties could lead to enhanced switching efficiency in STT-based devices and open a new avenue for applications of multiferroic devices.