The bank is also launching a new product range called Rate Switch which will allow existing customers to benefit from lower rates.
Craig Calder, director of Mortgages for Barclays said the Spring months are traditionally a busy period in the housing industry, which prompted the release of the products at this time of year.
“The two and five year deals are significantly lower than the average market standard variable rate (SVR) of 4.57%, he said.
“They provide an opportunity for any homeowners who are either sitting on their lender’s SVR or whose current fixed rate mortgage deal is coming to an end, to reduce their outgoings by fixing their monthly mortgage payments, and creating both savings and certainty.”
The products will be available tomorrow (17 May) and include two year 60% LTV (loan to value) products fixed at 1.39% for a purchase mortgage and 1.43% for a remortgage and Rate Switch exclusive products fixed at 1.43% for two years with 60% LTV and fixed at 1.69% for two years at 75% LTV.
