Barclays is set to raise rates across a wide range of its residential and remortgage mortgage products, with changes coming into effect from tomorrow, Friday 30th May.
The rate increases will impact a variety of fixed-rate offerings, including both standard and green home products, as well as deals under the Government’s Mortgage Guarantee Scheme.
For residential purchase customers, w-year fixed rates at 60% loan-to-value (LTV) with a £899 product fee will see a 0.10% increase, with rates rising from 3.86% to 3.96% for Premier customers and from 3.87% to 3.97% on standard products.
Options with no product fee at the same loan-to-value (LTV) will rise from 4.10% to 4.20%.
At higher LTV bands, the rate increases continue. 2-year fixed deals at 75% LTV will move from 3.94% to 4.04% for Premier customers, and from 3.95% to 4.05% on standard terms.
Products at 85% LTV will rise by a similar margin, reaching 4.35% and 4.55% for fee and fee-free options respectively.
5-year fixed rate products are also affected. At 60% LTV, rates with a £899 fee will go up from 3.88% to 3.98% for Premier and from 3.89% to 3.99% for others.
Rates at 75% LTV will now range up to 4.30%, and 85% LTV products will top out at 4.47% for fee-free options.
Green Home fixed rates are not exempt from the changes. 2-year deals will increase by 0.10% across the board, with the 60% LTV no-fee option rising from 4.00% to 4.10%.
Green Home 5-year fixes at 85% LTV will now stand at 4.28%, up from 4.18%.
Under the Mortgage Guarantee Scheme, which supports buyers with smaller deposits, Barclays is also raising rates.
The 2-year fixed product with no fee and a 95% LTV will increase from 4.90% to 5.05%, while the 5-year equivalent will climb from 4.84% to 4.99%.
Remortgage customers are seeing similar hikes. Premier 2-year fixed rates at 60% LTV will increase from 3.87% to 3.97%, and standard products will match this move with a 0.10% increase.
At 85% LTV, the 2-year fixed rate with a £999 fee will rise to 5.19%.
Barclays’ “Great Escape™” remortgage range, designed for customers looking to switch deals without fees, will also be increased.
The 60% LTV rate will jump from 4.18% to 4.33%, while the 75% LTV product will go from 4.62% to 4.72%.
In contrast to the widespread increases, Barclays has announced a single rate cut.
The lender’s 85% LTV 2-year tracker with a £999 fee, available for both purchase and remortgage customers, will decrease from 5.01% to 4.98%.
