On 5 February Barclays will introduce its lowest ever mortgage rates across its two, three and five-year fixed range, and its 10-year fixed rate with 60% and 75% LTV options.
Rate cuts have also been made to Barclays Help to Buy 2 (mortgage guarantee scheme) product, offering a 3.99% two-year fixed rate at 95% LTV.
Barclays’ two-year and lifetime tracker offset mortgages have been cut by 70bps, on top of a £500 reduction in the fee reducing it to £999. The bank has also cut the rate on its core range two-year fixed rate to 1.38% and now has a maximum loan size of £3,000,000.
In addition, Barclays has added stepped fixed products to its range, offering home movers and first time buyers lower repayments in the first year of their fixed rate term.
Andy Gray, managing director of mortgages for Barclays, said: “We are seeing increasing demand from customers seeking short to long term stability and protection from future base rate rises. We’re excited to announce our lowest ever two, three, five and 10 years fixed mortgage range that will help first time buyers and those looking to remortgage; demonstrating our on-going commitment to providing homeowners with access to very competitive rates.
“The significant change of 0.70% reduction [sic] made to our two-year and lifetime tracker offset mortgages will have strong appeal for those wishing to reduce their mortgage term or their monthly mortgage repayments and still keep instant access to their savings.”