Virgin Money has also announced reduced rates
Barclays Mortgages has announced rate reductions across several of the bank’s fixed rate products, with the reprice effective from tomorrow, August 21.
Among the adjustments, the high street lender’s EMC Reward two-year fixed mortgage at 85% loan-to-value (LTV) and with a £999 product fee will see its rate reduced from 5.22% to 5.07%. The same product with no fee will drop from 5.43% to 5.28%.
For five-year fixed mortgages, the EMC Reward product with a £999 fee at 85% LTV will decrease from 4.94% to 4.79%. The equivalent product without a fee will see a reduction from 5.03% to 4.88%.
In addition to these rate reductions, Barclays is withdrawing several existing residential purchase-only products. These include the 4.73% two-year fixed mortgage with an £899 product fee at 85% LTV, the 4.14% five-year fixed mortgage with no fee at 75% LTV, and the 4.37% five-year fixed mortgage with an £899 fee at 85% LTV.
This latest round of rate cuts comes after Barclays recently lowered rates across its fixed rate purchase and remortgage products, positioning the bank with the lowest mortgage rate of 3.83% among major lenders offering sub-4% deals. These moves follow the Bank of England’s base rate reduction at the beginning of the month.
Meanwhile, Virgin Money has also reduced rates on several of its fixed rate buy-to-let mortgage products.
For exclusive BTL products, the 60% LTV five-year fixed rate with a £2,195 fee has decreased by 0.03% to 4.31%. The 60% LTV two-year fixed rate with a 1% fee has seen a reduction of 0.08%, bringing it to 4.69%. The 75% LTV two-year fixed rate with a 1% fee has been lowered by 0.10% to 4.82%. Both the 60% and 75% LTV five-year fixed rates with a 3% fee have dropped by 0.03% to 3.90%.
For standard BTL products, selected rates with a £995 fee have been reduced by up to 0.15%, with the new rates starting at 4.45%. Additionally, selected fee-saver products have seen a reduction of up to 0.07%, with rates beginning at 4.70%.
In the product transfer category, selected BTL rates have decreased by up to 0.15%, with rates now starting from 4.17%.
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