Barclays will now offer a 2.99% 5-year fixed rate Great Escape remortgage package and has cut the rate on its existing 2-year fixed rate Great Escape remortgage package by 0.30% to 2.69%.
It has also launched its lowest ever 2-year fixed rate at 2.09% for up to 60% loan to value with a £999 fee.
Andy Gray, managing director of Mortgages for Barclays, said: "This is a real boost for UK homeowners, giving them access to even better mortgage deals.
“Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments over the longer term and with our lowest ever fixed rates on offer, now is a great time for borrowers to review their mortgage arrangements.
“These changes are particularly designed to encourage existing homeowners to act now and remortgage onto a better deal to save them money on their mortgage.
“Our research suggests that there are 3.1m customers currently on an SVR rate who could remortgage and stand to save substantial sums by doing so.
“For example, our new 5 year fixed Great Escape remortgage package could save customers with a loan of £150,000 over £8,000 by remortgaging from an SVR of 4.74%.”
