The rate changes will come into effect on 18 November.
Barclays’ five-year fixed rate at 60% loan to value (LTV) with an £899 fee will decrease from 3.98% to 3.82%.
The lender’s fee-free five-year fixed rate at 75% LTV will go down from 4.21% to 4%.
Barclays’ five-year fixed rate with an £899 fee at 85% LTV will fall from 4.12% to 4.03%, while its fee-free five-year fixed rate at 90% LTV will go down from 4.65% to 4.35%.
The firm’s no-fee five-year fixed rate at 95% LTV will decline from 4.79% to 4.71%.
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Santander PT changes come into force and product change option added
Santander will now allow brokers to accept product transfers on behalf of customers and choose when the deal starts, if eligible to switch earlier.
Earlier this month, the lender said it would soon allow brokers to accept product transfers on behalf of their customers.
The process involves a new broker declaration, which will ask brokers to confirm if they have the client’s permission to accept the deal, and brokers will have to tick two boxes.
They will be asked whether they’ve provided a mortgage illustration or copy of the product transfer offer and confirm if they have permission to accept it and choose when it starts.
Case tracking emails will be sent to brokers and their clients, with some new details included.
Product transfers sent prior to 17 November will still need to be accepted by the customer.
The lender has also made changes to its Introducer Internet, adding a dropdown option called ‘Change of Product’ – which will reduce the time it takes to issue a revised new business offer for a change of product.
The request can only be made for a change of product if it is the same product type and term and a single loan part.
The product selected must match the case type, meet the LTV criteria and be on sale at the time of the request.