Barclays is cutting rates on a selection of residential products, available across purchase, remortgage or both, by as much as 0.15 percentage points.
For example, the three-year fixed rate available at 95 per cent loan-to-value, with £1,000 cashback and no fee, now comes with an interest rate of 3.35 per cent rather than 3.50 per cent.
Alongside the cuts, Barclays has also launched a new two-year fixed rate remortgage deal at 1.8 per cent, available up to 50 per cent loan-to-value, with £800 cashback and no fee.
In addition, it has hiked the overpayment allowance on all ten-year fixed rates to ten per cent, up from its previous five per cent limit.
Reduced BTL rates at Gatehouse
Elsewhere, Gatehouse Bank has adjusted the rates on its full buy-to-let range.
International buyers see the biggest reductions, with the rate on the five-year fixed term reduced by 0.7 percentage points to 3.99 per cent. Meanwhile the two-year fixed rate for these landlords has dropped 0.24 percentage points to 3.9 per cent.
For landlords resident in the UK, the two-year fixed term buy-to-let deal is reduced by 0.1 percentage points to 3.19 per cent, while the rate on the five-year deal drops 0.24 percentage points to 3.65 per cent. These deals are available up to 80 per cent finance to value, the Sharia equivalent of loan-to-value.
And for expat buyers, the two-year fixed term is down by 0.14 percentage points to 3.75 per cent and the five-year term is cut 0.46 percentage points to 3.99 per cent.
Paul Stockwell (pictured), chief commercial officer at Gatehouse Bank, noted that these rate cuts followed changes last year to improve the bank’s eligibility criteria, and suggested the lender’s manual underwriting process had boosted the popularity of its product offering.
He continued: “We will continue to review our product offering and remain totally committed to taking the time to fully understand each customers individual circumstances to make informed financing decisions.”
