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Barclays slashes mortgage rates by up to 0.43 per cent

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  • 19/12/2023
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Barclays slashes mortgage rates by up to 0.43 per cent
High street lender Barclays will lower mortgage rates by up to 0.43 per cent across its residential, buy-to-let purchase and remortgage ranges along with its reward ranges.

The lender said that it had reviewed its offering against “market funding conditions” and the changes to its mortgage rates come into effect from tomorrow.

Within its residential range, select standard, premier, green home and mortgage guarantee scheme products will be cut.

An example includes its two-year fixed rate at 60 per cent loan to value (LTV) with the £899 fee falling to 4.62 per cent and its fee-free version going down to 4.76 per cent.

In its remortgage-only range, selected premier, standard and great escape products have been cut.

Its two-year fixed no-fee great escape product at 60 per cent LTV will decrease to 4.81 per cent and at 75 per cent LTV, the product will fall to 4.92 per cent.

On the purchase and remortgage side similar cuts have been made, with its two-year fixed rate at 60 per cent LTV with £1,999 fee decreasing to 4.8 per cent.

 

Buy-to-let, purchase, remortgage and purchase and remortgage products

In one example, its two-year fixed rate purchase-only product with £1,295 fee at 75 per cent LTV will go down to 6.18 per cent.

Its fee-free remortgage product at 60 per cent LTV will fall to 6.3 per cent and its two-year fixed rate with £2,495 fee at the same LTV will come to 6.3 per cent as well.

In its rewards ranges, residential and buy-to-let products have been cut. This includes its residential EMC reward one-year fixed rate with no fee at 60 per cent LTV offered at 4.81 per cent.

Its buy-to-let EMC reward two-year fixed rate with no fee at 65 per cent LTV will go down to 6.15 per cent.

The lender previously lowered rates at the beginning of December, with the cuts applying to residential purchase-only products.

Swap rates, which are a key factor in mortgage pricing, have been gradually falling over the past few weeks as the Bank of England’s decision to keep the base rate stable has restored confidence in the market and led to a more optimistic interest rate outlook.

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