The lender will lower the rate of its three-year fixed rate Help To Buy product to 3.49% and has axed the £299 application fee for borrowers.
Other changes include the introduction of a five-year fix at 4.89% available up to 90% LTV while the 85% LTV equivalent is cut by 70 basis points to 4.19%.
Barclays’ three-year fixed NewBuy product has also received a rate cut, falling from 4.75% to 4.49%.
Andy Gray, managing director of mortgages for Barclays, said: “It’s great that we can continue to make rate cuts to our mortgage range, giving borrowers access to even better deals.
“We know that people are struggling to get on the property ladder and save big deposits for their home move and so these changes will mean that those borrowers with smaller deposits can now secure better rates.”
In addition, the lender has cut buy-to-let rates on its two-year fix to 3.29% at 60% LTV and 3.69% up to 75% LTV.
“The buy-to-let market continues to grow and today’s changes are about ensuring that we continue to offer landlords good choice and access to great deals,” added Gray.
