For customers looking to fix their mortgage rate, the cuts mean they can sign up for two years at 3.69 per cent (a reduction of 0.40% for loans up to 70% loan to value) and 4.99% for loans up to 80% loan to value (a reduction of 0.70%).
Alternatively, a three year fixed rate is available at 3.99% for loans up to 70% - a reduction of 0.50%.
The offset tracker is cut by 0.50% to 2.49% (base +1.99%) for loans above £200,000 up to 60% loan to value. In addition to this, the current offset deal remains available priced at 3.24% (base +2.74%) with no minimum amount.
Andy Gray, head of mortgages for Barclays, said: "Last month we pledged to increase lending to homeowners by £5.5 billion and now we are launching even better mortgage rates to our customers. Our attractive pricing addresses all customers' requirements: those who want the certainty of a fixed rate or others who are thinking holistically about their financial situation by looking for offset options. Our latest offset deal is not only the lowest offset rate on the market, it's also lower than most lifetime trackers which is a win/win solution for borrowers.
"The trend for offsetting is increasing as we are seeing homeowners cut back on their spending and focus more on saving. The top priority of many in the current climate is to keep those savings accessible. However, with interest rates at a historical low, there is also the opportunity to make big savings on mortgage repayments."
