Barclays is set to launch a range of products aimed at first-time buyers (FTBs) and second movers, as well as reducing rates on a selection of existing products.
Existing products will be reduced by up to 0.34% across the lender’s residential purchase and remortgage range, effective from 25th September 2024.
New products for residential and purchase include; a 4.75% 2-year fixed rate with a £1,999 product fee, at 85% loan-to-value (LTV), a minimum loan of £2m and maximum £5m; a 4.60% Premier 5-year fixed rate with a £999 product fee, at 90% LTV, minimum £5,000 and maximum £570,000; a 4.87% 5-year fixed rate with a £1,999 product fee, at 85% LTV, with a minimum loan £2m, Max loan £5m.
This range also includes a 4.33% Green Home 2-year fixed rate with £0 product fee at 60% LTV, with a minimum loan of £5,000 and a maximum loan of £2m.
For existing residential and purchase products, Barclays has reduced rates on its 3.83% Premier 5-year fixed rate – which has a £899 product fee, 60% LTV, a minimum of £5,000 and maximum of £2m – to 3.70%, and its 3.84% 5-year fixed rate – which has a £899 product fee, 60% LTV, minimum loan of £5,000, maximum of £2m – to 3.71%.
For remortgage, Barclays reduced rates on certain products, including: a 4.37% Premier 2-year fixed with £999 product fee, at 60% LTV, which was decreased to 4.16%; a 4.40% 2-year fixed rate with a £999 product fee, at 60% LTV, which was decreased to 4.19%; and a 4.77% Great Escape™ 2-year fixed rate, with £0 product fee, at 60% LTV, decreased to 4.43%.
For purchase and remortgage, Barclays reduced its 4.40% 2-year fixed rate product – with a £1,999 product fee, 60% LTV, minimum loan of £2m, maximum of £10m – to 4.19%, and its 4.55% 2-year fixed rate – with a £1,999 product fee, 70% LTV, minimum loan of £2m, maximum of £10m – to 4.29%.
Barclays also reduced rates on its existing customer residential reward range.
Its 4.37% EMC Reward 2-year fixed rate, – with a £999 product fee, 60% LTV, minimum loan of £1,000, maximum of £2m – will decrease to 4.16%.
Its 4.70% EMC Reward 2-year fixed rate – with £0 product fee, 60% LTV, minimum loan of £1,000, maximum loan of £2m – will decrease to 4.43%.
Its 4.40% EMC Reward 2-year fixed rate – with a £1,999 product fee, 70% LTV, minimum loan of £2m, maximum of £10m – will decrease to 4.19%
Its 4.55% Rate Switch only EMC Reward 2-year fixed rate – with a £1,999 product fee, over 70% LTV, minimum £2m, maximum £10m – will decrease to 4.29%.
Its 6.29% EMC Reward PTL 2-year Tracker – with a £299 product fee, 65% LTV, minimum £1,000, maximum £10m – will decrease to 5.94%.
Reaction:
Mark Harris, chief executive of mortgage broker SPF Private Clients:
“No sooner does one lender offer a sub-3.75% 5-year fix, then another joins the fray, with Barclays launching a market-leading 3.71%.
“The clear direction of traffic for mortgage rates is downwards, with lenders gently easing pricing as they compete for business.
“We don’t expect any dramatic reductions going forward but nevertheless, subtle improvements in rates will make life easier for borrowers.”
