Mortgage News
Barclays set to storm market with fixed rates from 1.38%
Barclays is launching its lowest ever rates for two, three, five and 10-year fixed rate mortgages.
It has fired the latest shot in the mortgage price war by cutting rates across its product range.
From tomorrow, it’s offering a two-year fixed rate at 1.38% at 65% loan-to-value (LTV) a 2.29% five-year fixed rate at 60% LTV and a 2.94% 10-year fixed rate at 60% LTV.
Rate cuts have also been made to the Barclays Help to Buy 2 mortgage guarantee scheme product. Buyers with a 5% deposit using the scheme can now fix for two years at 3.99%.
The most significant changes have been made to Barclays’ two-year and lifetime tracker offset mortgages with a reduction of 0.70%. This means the two-year offset deal is now at a rate of 1.69% at 65% LTV, and the lifetime tracker has an initial pay rate of 2.29% at 70% LTV.
Andy Gray (pictured), managing director of mortgages for Barclays, said: “We are seeing increasing demand from customers seeking short to long-term stability and protection from future Base Rate rises.”
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Barclays also plans to add a stepped fix product to its range and will announce the details of this soon.
Yesterday, Saffron Building Society launched a four-year stepped discount product for LTVs up to 90%.