It also launches a new residential remortgage product
![Barclays slashes residential mortgage rates](https://cdn-res.keymedia.com/cdn-cgi/image/w=1000,h=600,f=auto/https://cdn-res.keymedia.com/cms/images/us/077/0311_638563693112762567.png)
Barclays Mortgages has announced rate reductions on residential purchase and remortgage products, effective today, July 12.
The high street lender is also introducing a new residential remortgage product – a Great Escape five-year fixed rate with no product fee at 75% LTV, set at 4.68%.
Across the purchase only range, Barclays has repriced its Premier two-year fixed rate with a £899 product fee and 60% loan-to-value (LTV) decreased from 4.67% to 4.49%. Its standard two-year fixed rate with a £899 product fee and 60% LTV has been cut from 4.68% to 4.57%, while the same product without a fee has been decreased from 4.88% to 4.71%.
The lender’s Premier five-year fixed rate with a £699 fee and 60% LTV has been reduced from 4.92% to 4.08%, and the standard five-year fixed rate with a £899 fee and 60% LTV has been cut from 4.23% to 4.09%. The 75% LTV five-year fixed rate without a product fee has been lowered from 4.57% to 4.24%.
Barclays, one of the UK’s largest mortgage lenders, has also slashed rates on its residential remortgage only range, with the Premier two-year fixed rate with a £999 product fee and 60% LTV dropping from 5% to 4.67%. The standard two-year fixed rate with a £999 fee and 60% LTV has been cut from 5.01% to 4.10%, while the same product at 75% LTV has been repriced from 5.15% to 4.93%.
The Great Escape fee-free two-year fixed rate at 60% and 75% LTV has been cut from 5.23% to 5.07% and from 5.37% to 5.15%, respectively. The Premier five-year fixed rate with a £999 fee and 60% LTV has been slashed from 4.46% to 4.31%, while the standard option has its rates lowered from 4.47% to 4.36%. Additionally, the five-year fixed rate with a £999 fee and 75% LTV has been reduced from 4.65% to 4.50%, while the Great Escape fee-free five-year fixed rate at 60% LTV has been dropped from 4.66% to 4.46%.
Barclays is the latest of the major UK lenders to reduce its rates, with Nationwide, HSBC, Santander, Halifax and NatWest also recently lowering their mortgage rates.
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.