Barclays has announced a series of reductions across its residential mortgage range, with the changes taking effect from 7 August.
Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “Recent market volatility means many homeowners have understandably been keeping a close eye on mortgage rates. We are pleased to announce a number of rate reductions live today across our mortgage range.
“However, it’s important that homeowners know they don’t always need to hold off on decisions while they wait for rates to change. Many lenders, including Barclays, offer the option to secure a new mortgage up to 90 days before end of their current deal, with the flexibility to switch if a better rate comes along. In periods of uncertainty, this can help provide peace of mind for consumers looking to plan their next move.”
Barclays is cutting rates on a range of purchase, remortgage and existing customer products, while also launching a new three-year fixed remortgage deal.
Among the largest reductions, Barclays’ 10-year fixed purchase mortgage at 60% loan to value (LTV) with a £999 fee will fall by 50bps from 5.62% to 5.12%. The corresponding 10-year fix at 80% LTV will decrease from 6.03% to 5.53%.
The next step towards a better home buying journey
Sponsored by Halifax Intermediaries
In its purchase range, a two-year fixed mortgage at 75% LTV with an £899 fee will reduce from 4.88% to 4.7%. A five-year fixed mortgage at 60% LTV with an £899 fee will fall from 4.67% to 4.58%.
The bank is also reducing rates on higher-LTV products, including its five-year fixed mortgage at 90% LTV with an £899 fee, which will fall from 4.95% to 4.85%. A two-year fixed mortgage at 95% LTV with no fee will decrease from 5.4% to 5.35%.
Within its remortgage range, Barclays is lowering rates on several products, including its two-year fixed mortgage at 60% LTV with a £999 fee from 4.78% to 4.69%. Its Great Escape two-year fixed deal at 60% LTV with no fee will reduce from 5.1% to 4.97%.
The bank is also introducing a new Great Escape three-year fixed remortgage product at 4.88% for borrowers with up to 60% LTV and loan sizes between £50,000 and £2m.
Rates are also being reduced across Barclays’ Existing Mortgage Customer Reward range. For example, its two-year fixed mortgage at 60% LTV with a £999 fee will fall from 4.75% to 4.66%, while a 10-year fixed mortgage at 75% LTV with a £749 fee will decrease from 5.32% to 5.12%.
