High street lender to cut as much as 43bps on select deals
Barclays has announced rate reductions of up to 43 basis points (bps) on a selection of products across its residential and landlord fixed rate offerings.
Effective from tomorrow, December 20, the lender will reprice key remortgage rates, including fee-free two-year Great Escape fixed rates at 60% and 75% loan to value (LTV), which will see their rates cut from 5.24% to 4.81% and from 5.33% to 4.92%, respectively. The rate on the 75% LTV deal with a £999 product fee will be slashed from 5.12% to 4.77%.
For residential purchase only, including new build, Barclays will also make rates more affordable, with 60% LTV two-year fixes with a £899 product fee seeing their rates decrease from 4.76% to 4.60%.
In its 95% LTV Mortgage Guarantee Scheme range, the rate on both the fee-free two- and five-year fixes will be lowered to 5.80% and 6.67%, respectively.
For buy-to-let purchase only deals, 75% LTV five-year fixed rates with a £1,295 product fee will also be reduced from 5.42% to 5.22%. Five-year buy-to-let remortgage-only fixes, with no product fee, at 75% LTV, will see a reduction from 5.58% to 5.38%.
Selected product transfer deals for existing mortgage customers will also be reduced.
These adjustments in rates, the high street lender said, were made after reviewing its offering against market funding conditions.
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