Barclays has launched a range of mortgage products aimed at first-time buyers and second movers, while introducing rate reductions for several of its existing products.
These changes will come into effect from tomorrow (Friday 4th October), and were designed to offer more competitive options for borrowers in the residential market.
The mortgage products include a Premier 2-year fixed rate at 4.85%, with an £899 product fee and a loan-to-value (LTV) ratio of 90%.
This product is available for loans ranging from a minimum of £5,000 to a maximum of £570,000.
Another notable offering is its 5-year fixed rate at 3.92%, which comes with no product fee and an LTV of 60%.
This product is available for loans starting from £5,000 and going up to £2m, appealing to borrowers looking for long-term stability.
In addition to these new products, Barclays is reducing rates on a selection of its existing mortgage offerings.
For example, the Premier 2-year fixed rate mortgage with a 60% LTV, which previously had a rate of 4.19%, will be reduced to 3.96%.
This product carries a £899 fee and is available for loans between £5,000 and £2m.
The standard 2-year fixed rate mortgage at 60% LTV, will see its rate drop from 4.22% to 3.99%, while the same product with no product fee will decrease from 4.43% to 4.35%.
Barclays is also offering reductions for higher LTV products.
The 2-year fixed rate mortgage at 85% LTV will be reduced from 4.55% to 4.46%, with a £899 product fee.
For those looking at longer-term loans, the 5-year fixed rate at 90% LTV will fall from 4.65% to 4.47%, with a £999 fee.
The Premier 5-year fixed rate at 90% LTV will also see a reduction, dropping from 4.60% to 4.42%, again with a £999 fee.
The bank is also cutting rates on its Green Home mortgage products, designed to support environmentally friendly home purchases.
The Green Home 2-year fixed rate with 60% LTV will decrease from 4.33% to 4.25%, while the version with 90% LTV will drop from 5.28% to 5.03%.
The bank’s Green Home 5-year fixed rate, with 90% LTV, will also see a reduction, moving from 4.55% to 4.37%.
Barclays’ Springboard and Mortgage Guarantee products, aimed at those with smaller deposits, will also benefit from rate reductions.
The Springboard 5-year fixed rate at 95% LTV will drop from 5.80% to 5.30%, while the 100% LTV variant will see its rate reduced from 5.84% to 5.54%.
Similarly, the Mortgage Guarantee 2-year fixed rate for 95% LTV loans will decrease from 5.80% to 5.50%, and the 5-year version will fall from 5.56% to 5.26%.
In addition to these reductions for purchase-only mortgages, Barclays will also lower rates on its remortgage products.
Its 2-year fixed rate remortgage at 85% LTV will be reduced from 5.82% to 5.32%, with a £999 product fee, while its 5-year fixed rate remortgage option at the same LTV will drop slightly, from 5.03% to 4.93%.
