Major lender makes rate cuts on residential purchase and remortgage products
Barclays has announced a series of mortgage rate reductions, including the introduction of a two-year fixed product at 80% loan-to-value (LTV) with a rate below 4%.
Effective from tomorrow, Sept. 25, the new rate for this product will be 3.98% with a £899 fee, down from 4.05%. The lender has also lowered rates across a range of other residential and remortgage products.
The revised rates for residential purchase products are as follows:
- Two-year fixed at 80% LTV, £899 fee: reduced from 4.05% to 3.98%
- Two-year fixed at 80% LTV, no fee: reduced from 4.22% to 4.18%
- Premier two-year fixed at 90% LTV, £899 fee: reduced from 4.33% to 4.27%
- Two-year fixed at 90% LTV, £899 fee: reduced from 4.34% to 4.28%
- Two-year fixed at 90% LTV, no fee: reduced from 4.53% to 4.48%
- Two-year fixed at 95% LTV, no fee: reduced from 4.95% to 4.85%
- Three-year fixed at 90% LTV, £899 fee: reduced from 4.64% to 4.58%
- Five-year fixed at 95% LTV, no fee: reduced from 4.87% to 4.80%
- Green Home two-year fixed at 90% LTV, no fee: reduced from 4.43% to 4.38%
For remortgage customers, the following reductions apply:
- Two-year fixed at 80% LTV, £999 fee: reduced from 4.34% to 4.24%
- Great Escape two-year fixed at 80% LTV, no fee: reduced from 4.66% to 4.56%
“We’re cutting mortgage rates, with a particular focus on high LTV products in support of first-time buyers or those with a lower deposit,” a spokesperson at Barclays said.
The high street lender stated that a limited number of rates within its remortgage range will see increases as part of its latest rate update.
The rate adjustment at Barclays come as the wider mortgage market experiences mixed pricing movements. Nationwide Building Society has recently reduced the cost of select fixed rate mortgages by up to 0.18%, while other prominent lenders, including Santander and TSB, have opted to raise their rates.
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