It also launches a new residential remortgage product
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.
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