The changes come into effect from tomorrow, 13 August.
On the residential five-year fixes, rates have been lowered to 1.7 per cent, down from 1.74 per cent, at 60 per cent loan to value (LTV) and have been cut to 1.74 per cent, down from 1.79 per cent at 75 per cent LTV. For LTVs of 85 per cent, five-year residential fixes were lowered to 1.99 per cent, down from 2.05 per cent.
All of the five-year residential fixed rates apply to loans of £5k to £1m with a fee of £999.
At 60 per cent LTV, the nearest competitor is Lloyds Bank at 1.7 per cent for a remortgage and HSBC is offering 1.71 per cent for a first purchase and remortgage, according to Moneyfacts. At 75 per cent LTV, Post Office is the nearest competitor at 1.75 per cent for first purchase and remortgages.
The bank has introduced a five-year fix for BTL purchases of 2.19 per cent at 75 per cent LTV, for loans of £35k to £1m. The product fee is £1,295.
Further, the lender has cut rates on two-year fixes across residential purchase and remortgage for a range of loan sizes and LTVs.
The rates range from 1.45 per cent on a two-year fix at 75 per cent LTV, up to 1.66 per cent for a premier two-year fix at an LTV of 85 per cent.
And rates were reduced on Help to Buy and Green Home Help to Buy for two- and five-year fixes, up to 75 per cent LTV, for loans of £25k to to £450k.
The bank cut its BTL purchase and remortgage rates for two- and five-year fixes on loans of £35k to £3m, up to 75 per cent LTV.
Two- and five-year fixed rates for existing mortgage customers across residential and BTL purchase and remortgage have also been reduced.
“The rate reductions are a response to current demand and provide buyers with a range of competitive options, particularly for five-year fixes,” said Craig Calder, director of mortgages at Barclays (pictured).