Barclays is to introduce further reductions across a broad range of mortgage products from Wednesday 9 July.
The latest round of cuts affects both new and existing product ranges, spanning residential, buy-to-let and large loan segments, including exclusive pricing for existing customers under its Reward range.
A Barclays spokesperson said the rate cuts were intended to support affordability as the cost of borrowing continues to fall across the industry. “These latest reductions will provide a further boost for first-time buyers and homeowners,” the bank said.
The announcement follows the publication of its latest Barclays Property Insights report, which showed that consumer spending on rent and mortgages had declined for a fourth consecutive month in June.
Among the new offerings is a 3-year fixed-rate residential purchase mortgage at 4.04% with no product fee at 60% loan-to-value, as well as a 4.09% option with a £899 product fee at 75% LTV.
For those looking to remortgage, the 2-year fixed rate at 85% LTV with a £999 product fee has been cut from 5.19% to 4.67%, while the equivalent 5-year fixed product will drop from 4.97% to 4.52%. The lender’s fee-free Great Escape product will also see a rate reduction from 5.07% to 4.62%.
High net-worth borrowers are set to benefit from notable rate cuts on large loans, with 2-year fixed rates at 60% LTV falling from 4.21% to 3.91%, and 5-year fixes at 60% LTV dropping below the 4% threshold, now priced at 3.99%.
Buy-to-let borrowers are also seeing significant reductions. A 2-year fixed product with a £2,495 fee at 60% LTV for loans between £1m and £2m will fall from 4.85% to 4.35%. Purchase-only and remortgage-only products in the standard buy-to-let range are also down by up to 0.50 percentage points, depending on term and fee structure.
The bank’s Existing Mortgage Customer (EMC) Reward range, which offers preferential pricing for loyal customers, has also been revised. New options include a 5-year fixed-rate residential product at 3.92% with a £999 fee at 60% LTV. Meanwhile, an existing 3-year fixed rate at the same LTV and fee level will drop from 3.98% to 3.95%.
In the large loans category under the Reward range, a 2-year fix at 70% LTV has been reduced to 3.91%, down from 4.20%. A 5-year fix at the same LTV and product fee has been brought down to 3.99%.
Buy-to-let customers within the Reward programme are also set to benefit from widespread price improvements. A 2-year fixed-rate mortgage at 65% LTV with a £1,795 fee will fall from 4.40% to 4.10%, while a 5-year fixed at 75% LTV with no fee will reduce from 4.64% to 4.49%. Even rates on products above 75% LTV – typically more expensive due to higher risk – have been trimmed.
