Barclays cuts residential mortgage rates by up to 0.50%
Barclays is reducing rates across its residential purchase, remortgage and existing customer ranges from Friday 7th August, with selected 10-year fixed rates cut by up to 0.50%.
Barclays is cutting rates across a range of residential mortgage products, with the changes taking effect from Friday 7th August.
The largest reductions apply to selected 10-year fixed purchase products. The lender’s 60% LTV deal with a £999 product fee will fall by 0.50% from 5.62% to 5.12%, while the equivalent product at 80% LTV will decrease from 6.03% to 5.53%.
Barclays is also reducing a number of 2-year and 5-year fixed purchase rates. Its Premier 2-year fixed product at 75% LTV, with a £899 fee, will fall from 4.85% to 4.67%, while the standard equivalent will decrease from 4.88% to 4.70%.
At 60% LTV, the lender’s 5-year fixed purchase product with a £899 fee will be reduced from 4.67% to 4.58%, while the fee-free option will fall from 4.82% to 4.72%.
The changes also include reductions across Barclays’ Green Home mortgage range. Its 5-year fixed product at 60% LTV, with a £899 fee, will decrease from 4.57% to 4.48%, while its 2-year fee-free product at 75% LTV will fall from 4.97% to 4.75%.
Within its remortgage range, Barclays’ Premier 2-year fixed product at 60% LTV, with a £999 fee, will decrease from 4.75% to 4.66%. The lender is also introducing a new Great Escape 3-year fixed remortgage product at 4.88%, available up to 60% LTV with no product fee.
Rates are also being reduced across the Existing Customer Reward range. The EMC Reward 10-year fixed product at 75% LTV, with a £749 fee, will fall from 5.32% to 5.12%, while the fee-free version will decrease from 5.35% to 5.15%.
Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “Recent market volatility means many homeowners have understandably been keeping a close eye on mortgage rates. We are pleased to announce a number of rate reductions live today across our mortgage range.
“However, it’s important that homeowners know they don’t always need to hold off on decisions while they wait for rates to change. Many lenders, including Barclays, offer the option to secure a new mortgage up to 90 days before end of their current deal, with the flexibility to switch if a better rate comes along. In periods of uncertainty this can help provide peace of mind for consumers looking to plan their next move.”
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