Barclays is set to reduce rates across its 5-year fixed rate residential purchase and remortgage range, effective from tomorrow, Tuesday 10th December.
For residential purchase-only mortgages, Barclays is reducing the rate of its 5-year fixed rate product with a £0 product fee at 60% loan-to-value (LTV).
This option, available for loans between £5,000 and £2m, will decrease from 4.34% to 4.20%.
Similarly, the 5-year fixed rate with an £899 product fee, also at 60% LTV and with the same loan range, will drop from 4.18% to 4.11%.
At a higher LTV of 75%, Barclays will reduce the rate for its 5-year fixed rate with an £899 product fee from 4.27% to 4.22%, while the £0 product fee version will decrease from 4.38% to 4.30%.
Barclays has also revised its rates for remortgage-only products.
The Premier 5-year fixed rate with a £999 product fee at 60% LTV, available for loans between £5,000 and £2m, will see its rate fall from 4.16% to 4.11%.
Additionally, the standard 5-year fixed rate with the same product fee and LTV will be reduced from 4.17% to 4.12%.
For loans at 75% LTV, the 5-year fixed rate with a £999 product fee will drop from 4.30% to 4.25%.
Barclays’ Great Escape™ 5-year fixed rate product, designed for remortgage clients, is also being updated.
The rate for the 60% LTV version with a £0 product fee, available for loans between £50,000 and £2m, will decrease from 4.36% to 4.26%.
At 75% LTV, the same product will see a reduction from 4.42% to 4.33%.
Mark Arnold, head of mortgage and savings at Barclays, said: “Christmas can often be an expensive time of year and the changes we are making are designed to help customers save money, whether they are homebuyers or homemovers.
“Introducing these new rates, with many offering a £0 product switching fee, will benefit our customers and may help to ease the financial burden involved in buying and moving house.”
