Barclays has advanced around £55bn in new mortgages over the past three years, and increased overall lending by 42%, compared to an average increase of 3.5% across the industry since the nadir of 2007.

The lender has affirmed its ongoing commitment to the housing market by slashing the cost of its lifetime tracker mortgages by 0.41%. The key changes are across the 70% and 75% LTV range.

At 70% LTV, the pay rate has been reduced from Base Rate plus 2.49% to Base plus 2.08%. On the 75% LTV, the pay rate has dropped from Base plus 2.69% to Base plus 2.39%.

Equivalent loyalty tracker rates have also been reduced with a new rate of Base plus 1.88%.

Mark Parsons, managing director of retail assets & deposits for Barclays, said:

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“The strength of the growth shows that we remain firmly committed to the UK mortgage market and that we are actively lending more to homeowners and buyers than ever before.”

He added: “We’ve driven this growth by evolving and adapting our mortgage range to ensure we are meeting borrowers’ needs and providing long term value.”

Barclays reported growth follows its issuance of a new covered bond in the US last week. The $1bn bond is set to provide direct funding for further lending to UK mortgage customers.