Barclays has introduced reductions to interest rates across its mortgage products, including those in its Purchase, Remortgage, and Reward categories.
These updates, which take effect tomorrow (Wednesday 27th November), aim to offer more competitive rates for borrowers, as part of Barclays’ commitment to providing value across its mortgage offerings.
Among the highlights in the purchase range, the 2-year fixed mortgage with a product fee of £899 and a loan-to-value (LTV) of 75% will see its rate reduced from 4.46% to 4.36%.
This product is available for loans starting at £5,000 and going up to a maximum of £2m.
Similarly, the 2-year fixed mortgage at 85% LTV, also with an £899 product fee, will have its rate lowered from 4.94% to 4.84%.
This option accommodates loans within the same £5,000 to £2m range.
Additionally, the lender’s 2-year fixed mortgage with no product fee, offering a 90% LTV for loans between £5,000 and £570,000, will now feature a reduced rate of 5.39%, down from 5.49%.
In its remortgage range, Barclays is introducing similar rate cuts.
The ‘Great Escape’ 2-year fixed mortgage with no product fee and a 60% LTV will see its interest rate drop from 4.72% to 4.62%.
This product is available for loans between £50,000 and £2m.
Another notable change is to the 5-year fixed mortgage at 60% LTV with a £999 product fee, which will now offer a reduced rate of 4.17%, down from 4.37%.
This product is tailored for loans starting at £5,000 and extending to a maximum of £2m.
Furthermore, the 5-year fixed mortgage at 85% LTV, also with a £999 product fee, will see its rate decrease from 5.27% to 5.07%, remaining within the same loan range of £5,000 to £2m.
The full details of the updated mortgage products can be found in the lender’s revised intermediary and reward rate sheets.
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “Barclays has made a bold move as the first high street lender to cut mortgage rates in response to recent market changes.
“With swap rates easing over the past couple of days, it’s great to see a lender acting quickly to reflect the slightly improving conditions.
“Some standout reductions include the 2-year fixed at 90% loan-to-value (LTV) with no product fee, dropping from 5.49% to 5.39%.
“Similarly, the 2-year fixed at 75% LTV with a £899 fee now sits at 4.36%, down from 4.46%.
“On the remortgage side, the 5-year fixed at 60% LTV with a £999 fee has seen a notable cut, going from 4.37% to 4.17%.”
He added: “While these reductions won’t change the world, they do offer a bit of breathing room for borrowers, especially after the recent trend of rising rates among high street lenders.
“This could also signal the potential for more repricing across the market if conditions remain stable.
“It’s a small but positive step in the mortgage landscape, bringing a glimmer of hope to those navigating the current borrowing climate.”
