The new rates include a 2-year fixed rate at 70% loan to value, cut from 2.69% to 2.49% for customers who qualify for a Barclays Loyalty mortgage, and 2.54% for all other customers.
The 5-year fixed rate mortgage at 70% LTV is now 3.88% for Barclays Loyalty mortgages and 3.98% for all other customers.
The cuts of up to 0.30% on these deals make them the lowest ever rates available on these terms from Barclays.
Other cuts are on the 80% and 85% LTV mortgages, supporting borrowers who have a smaller deposit. This includes the 2-year fixed rate Great Escape remortgage package, extended to 85% LTV last month, which has been cut from 4.69% to 4.19%.
This is a market-leading package, allowing borrowers to switch their mortgage with no application fee, free legal work, free valuation and £300 cashback to cover the cost of their existing lender’s mortgage exit fees.
On tracker mortgages, rates as low as base + 1.79% (70% LTV) are maintainted with cuts for borrowers at 80% LTV – the Barclays Loyalty mortgage is reduced from base + 2.78% to base +2.59% and base +2.69% for all other customers.
First-time buyers purchasing a house under the FirstBuy Direct scheme will have a choice of a Woolwich 3-year fixed rate mortgage at 4.59% or a 5-year fixed rate at 5.49%.
Both come with a £299 application fee and revert to a lifetime tracker at base + 2.99%.
Andy Gray, head of mortgages for Barclays, said: "This is the sixth time in a row that we have made substantial cuts to our mortgages - great news for borrowers as they are getting access to some of our lowest ever rates.
“We would encourage people to act now and review their mortgage - it is impossible to tell how long these historically low rates will be available for. These latest deals provide borrowers with the opportunity to lock in at a great rate now and protect themselves against future base rate increases.
“For those who want the security of fixing, our new deals give a rate well below the industry average.
“A borrower with a mortgage of £150,000, switching from an SVR today at 4.69% to our new two year fixed could save around £5,400 over two years and, if fixing for five years, savings of £4,300 can be made.
“This is just what borrowers need at a time when household budgets are being squeezed.”
All Woolwich mortgage deals allow borrowers to remortgage using the lender’s ‘Switch and Save’ service which provides free legal work and a valuation or £200 cashback.
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