Rate reductions continue for both mainstream and specialist lenders
Barclays has reduced rates across its residential mortgage range, with revised pricing applied to both new and existing customers.
The largest decrease has been made on a five-year fixed rate mortgage at 60% loan-to-value (LTV), which has dropped from 4.53% to 4.28% with a £1,999 fee. This option is available for both purchases and remortgages.
Other fixed rate products in the high street lender’s purchase and remortgage range have also been reduced. Two-year fixes now start at 4.21%, while five-year fixes begin at 4.28%, for loans between 60% and 75% LTV with a £1,999 fee.
For existing customers, rates in the Reward range have decreased across LTV tiers from 60% to 90%. The lowest two-year fix is now at 4.06%, while a five-year fix at 60% LTV from the major mortgage lender has been cut from 4.12% to 3.98% with a £999 fee.
The bank has also lowered selected tracker rates and rate switch-only products at 70% and 75% LTV.
Barclays is among the first lenders to bring rates below 4% this year when it made rate cuts on select products last month. The reductions come amid falling swap rates and expectations for improved affordability following the Bank of England’s base rate decision last month.
Separately, specialist lender Keystone Property Finance has reduced select rates by 10 basis points. The changes apply to its five-year Standard and Standard Cashback products at 65% and 75% LTV, with rates now at 4.74% for 65% LTV and 4.84% for 75% LTV.
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