Barclays has announced a new wave of reductions across its mortgage product range, with changes taking effect from Tuesday, 13th May.
The bank is set to implement significant rate cuts in response to evolving market conditions.
One of the most notable updates is the reduction in the rate of Barclays’ fee-free remortgage product, the Great Escape™ 2 Year Fixed, which will decrease by 0.19% to 4.18%.
Additionally, Barclays is launching its lowest mortgage rate of the year so far with the EMC Reward 2-year fixed, now set at 3.85%.
A range of residential and remortgage products will all see rate reductions, including both purchase-only and existing customer reward options.
For residential purchase customers, several 2-year and 5-year fixed rate products across 60% and 75% loan-to-value (LTV) tiers are being reduced.
For example, the 2-year fixed product with a £899 fee at 60% LTV will decrease from 3.92% to 3.87%, while the fee-free version at the same LTV will drop from 4.18% to 4.10%.
Similarly, 5-y fixed products such as the Premier option at 60% LTV will reduce from 3.92% to 3.88%, and the standard version from 3.93% to 3.89%.
Barclays’ Green Home mortgage range also sees reductions.
The 2-year fixxed rate at 60% LTV with no product fee will drop from 4.08% to 4.00%, while the 5-year fixed with a £899 fee at the same LTV will go from 3.83% to 3.79%.
In the remortgage category, Barclays is also making substantial reductions.
The Premier 2-year fixed at 60% LTV with a £999 fee will fall from 3.95% to 3.87%, while the standard 2-year fixed with the same fee structure will drop from 3.96% to 3.88%.
The Great Escape™ 2-year fixed with no fee, available to borrowers remortgaging at 60% LTV for loans between £50,000 and £2m, will decrease from 4.37% to 4.18%.
Customers already with Barclays will benefit from lower rates across the Existing Mortgage Customer (EMC) Reward range.
Highlights include the 2-year fixed at 60% LTV with a £999 fee, which will now be offered at 3.85%, down from 3.95%.
Additionally, the EMC Reward 5-year fixed at 60% LTV with a £999 fee will reduce to 3.86%, and its fee-free counterpart will now be priced at 3.99%, down from 4.14%.
Other notable reductions include the EMC Reward Offset 2-year tracker, which will fall from 6.15% to 5.98% at 70% LTV with a £1,999 fee – catering to higher-value borrowers with loans between £2m and £10m.
