The new rates include a two year fixed rate deal at 2.98% (maximum 70% loan to value) and a lifetime tracker at 2.38% above base (maximum 75% LTV).
The majority of the fixed rate range will see reductions with the largest cuts taking place on the two- and three-year fixed rates available up to 70% loan to value (LTV). The three year deal is reducing from 3.99% to 3.78% with an application fee of £499, and the two year from 3.18% to 2.98% with a fee of £999.
The equivalent two year rate for customers who qualify for Barclays’ loyalty mortgages is reducing by 0.10 percentage points from 2.99% to 2.89%. For borrowers who want to opt for a lower fee of £199, the two year rate will be cut from 3.99% to 3.79%.
At the same time the lifetime tracker available up to 75% LTV is being cut by 0.19 percentage points from base +2.57% to base +2.38% with a £999 application fee. The equivalent rate on the loyalty range has been cut by base + 2.39% to base +2.28%. The competitive lifetime tracker at base +1.97% remains available.
Andy Gray, head of mortgages for Barclays, said: "We have been continually cutting rates since early April in response to falling swap rates and the competition in the market, with some rates having decreased by up to 52 percentage points since then.
“Our lifetime trackers are proving popular at the moment because of the longer than anticipated low base rate environment but mid-term fixed rates are also attracting attention from those who want the certainty of fixing their payments now.”
