The cuts include a rate reduction from 3.89% to 3.74% on the lender’s 2-year great escape remortgage package at 70% LTV.
Other changes include a cut of 0.20% on the 2-year fixed at 60% LTV reduced from 3.49% to 3.29% and from 3.59% to 3.39% at 70% LTV.
The NewBuy rate and application fee has also been reduced. The 3-year fixed rate will fall from 6.09% to 5.89% with a £500 reduction in the application fee to £499.
Barclays is also adding two mortgages to its range at 65% LTV for loans over £500,000 and available up to £2m with a 2-year offset mortgages at Bank Base Rate +2.49% and a 2-year fixed rate at 2.99%.
Andy Gray, head of mortgages at Barclays, said: “We are starting to see a trend of more people looking to remortgage in light of recent increases to more than a million borrowers sitting on competitors’ standard variable rates.
“Cutting rates today is about giving people the right mortgage at the right time to help secure their monthly payments. A borrower with a mortgage of £150,000, switching from a SVR of 4.79% to the Great Escape fixed at 3.74% could save more than £2,000 over two years if base rate continues to stay at 0.50%.”
