Barclays is reducing rates across a broad range of residential mortgage products from 19 June, while also introducing two new tracker mortgages.
The lender has announced rate reductions across its residential purchase range, with cuts of up to 37 basis points (bps) on selected products.
Alongside the changes, Barclays is launching two new tracker mortgages. These include a two-year offset tracker at 5.80% up to 75% loan-to-value (LTV) with a £1,999 product fee, available on loans between £2 million and £5 million, and a Premier two-year tracker at 3.99% up to 60% LTV with a £999 product fee.
Among the largest reductions are a number of five-year fixed-rate products. Barclays’ five-year fixed-rate mortgage at 60% LTV with an £899 fee falls by 33bps to 4.43%, while the equivalent fee-free product is reduced by 34bps to 4.52%.
At higher LTVs, the lender’s five-year fixed-rate products at 90% LTV are being reduced by up to 37bps. The Premier five-year fixed-rate mortgage with an £899 fee falls from 4.75% to 4.58%, while the standard equivalent drops from 4.95% to 4.78%. The fee-free version reduces from 5.15% to 4.85%.
Barclays has also reduced rates on products aimed at borrowers with smaller deposits. Its five-year fixed-rate mortgage at 95% LTV falls by 20bps to 5.09%, while the Springboard five-year fixed-rate products at 95% and 100% LTV have been cut by 33bps and 35bps respectively, to 4.99% and 5.19%.
Across the two-year fixed-rate range, reductions of between 9bps and 25bps have been applied. The lender’s two-year fixed-rate mortgage at 60% LTV with an £899 fee falls to 4.30%, while its 75% LTV equivalent reduces by 24bps to 4.50%. The two-year fixed-rate mortgage at 80% LTV with an £899 fee falls by 20bps to 4.55%.
Three-year fixed-rate products have also been reduced. Barclays’ three-year fixed-rate mortgage at 75% LTV with an £899 fee falls by 37bps to 4.68%, while its 90% and 95% LTV products decrease by 20bps and 10bps respectively.
The lender has also made cuts across its Green Home mortgage range. Reductions range from 13bps to 33bps, with the largest decrease applied to the Green Home five-year fixed-rate mortgage at 60% LTV, which falls from 4.66% to 4.33%.
The changes take effect from Friday 19 June.
