Barclays has introduced rate adjustments across several of its mortgage products, including those in its purchase, remortgage, and Reward ranges.
Starting tomorrow (Tuesday 29th October), customers will benefit from reduced rates on a selection of 2-year fixed-rate products.
In the lender’s purchase product range, the 2-year fixed-rate mortgage with a 60% loan-to-value (LTV) ratio and a £899 product fee will drop from 4.10% to 3.99%, available for loans between £5,000 and £2m.
The 2-year fixed-rate with a 75% LTV and the same £899 fee, will decrease from 4.30% to 4.12%.
Additionally, a 75% LTV, 2-year fixed-rate mortgage with no product fee will decrease from 4.59% to 4.33%, offering borrowers a no-fee option at a reduced rate.
Barclays is also revising rates in its remortgage range.
For the 2-year fixed-rate mortgage at 60% LTV with a £999 product fee, the rate will drop from 4.19% to 4.03%, available for loan amounts from £5,000 up to £2m.
In its Great Escape line, a 2-year fixed-rate option at 60% LTV with no product fee will decrease from 4.56% to 4.38%, with a minimum loan requirement of £50,000.
Furthermore, the 2-year fixed-rate mortgage at 75% LTV with a £999 fee will see a rate reduction from 4.54% to 4.28%.
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “Barclays’ rate reductions across its mortgage products come at a crucial time, following weeks of budget speculation and recalibration in market pricing.
“This move demonstrates Barclays’ responsiveness to market conditions and aims to improve affordability for prospective and current homeowners.
“Key reductions include a drop in the 2-year fixed purchase rate at 60% LTV from 4.10% to 3.99%, along with similar adjustments across both the purchase and remortgage categories.
“These changes offer welcome relief to borrowers, especially those nearing the end of their fixed-rate period and looking to secure lower rates.”
