It slashes rates on residential and remortgage products
Barclays has announced reductions in rates across its five-year fixed rate residential purchase and remortgage product range.
The changes, which include decreases of up to 14 basis points, will take effect from tomorrow, December 10.
One of the most notable adjustments is a fee-free, five-year fixed rate at 60% loan-to-value (LTV), which will drop from 4.34% to 4.20%. Other residential purchase-only products include a five-year fixed rate at 60% LTV with an £899 fee, which will fall from 4.18% to 4.11%. At 75% LTV, the £899 product fee option will have its rate decrease from 4.27% to 4.22%, while the fee-free option’s rate will drop from 4.38% to 4.30%.
For remortgages, the Premier five-year fixed rate at 60% LTV with a £999 product fee will decline from 4.16% to 4.11%. Another 60% LTV option with a £999 fee will have its rate decrease slightly from 4.17% to 4.12%. At 75% LTV, the rate of the £999 product fee option will be reduced from 4.30% to 4.25%. Barclays’ Great Escape products will also see reductions, with the 60% LTV fee-free rate dropping from 4.36% to 4.26% and the rate of the 75% LTV option falling from 4.42% to 4.33%.
Barclays became the first major lender to reduce rates after the most recent Budget, making reductions on a selection of residential purchase and remortgage range products as a response to easing swap rates and improving market conditions.
“Christmas can often be an expensive time of year, and the changes we are making are designed to help customers save money, whether they are homebuyers or homemovers,” said Mark Arnold, head of mortgage and savings at Barclays.
“Introducing these new rates, with many offering a £0 product switching fee, will benefit our customers and may help to ease the financial burden involved in buying and moving house.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
