Barclays has announced a series of mortgage rate reductions to take effect on Wednesday 25 June, with new pricing across both purchase and remortgage ranges.

The lender has introduced a new five-year fixed product and made multiple decreases to existing residential fixed-rate offerings.

Among the key highlights is a new five-year fixed-rate product for residential purchases, priced at 4.50%. The product has no fee, is available up to 90% loan-to-value, and supports loans from £5,000 up to a maximum of £640,000.

In the purchase-only range, the lender’s Premier 2-year fixed rate at 3.96% (with a £899 product fee, up to 60% LTV) will fall to 3.88%.

Another product in the same category, previously priced at 3.97%, will reduce to 3.89%. Other rate cuts apply across a variety of LTV brackets, including 85% and 90%, with reductions of up to 0.11 percentage points.

The remortgage range also sees competitive adjustments. A 2-year fixed product at 3.98% with a £999 fee (60% LTV) will drop slightly to 3.91%, while a similar 3.97% offering will fall to 3.90%.

Green and Great Escape-branded remortgage products have also been adjusted downwards, with the Great Escape 2-year fixed at 4.72% reducing to 4.54%.

Barclays said these changes represent part of an ongoing review of its mortgage pricing, with the aim of offering greater value and broader accessibility to borrowers at varying stages of their homeownership journey.