Barclays will reduce rates across its residential purchase, remortgage and existing-customer ranges from Friday 7 August.

The largest reductions apply to two 10-year fixed purchase products. The lender’s 60% loan-to-value deal with a £999 fee will fall from 5.62% to 5.12%, while its equivalent mortgage at 80% LTV will drop from 6.03% to 5.53%.

Among its purchase-only products, Barclays will cut a two-year fixed mortgage at 60% LTV from 4.63% to 4.60%. The deal carries a £899 product fee.

A fee-free two-year fix at the same LTV will fall from 4.83% to 4.78%, while the lender’s Premier two-year fix at 75% LTV, carrying an £899 fee, will be reduced from 4.85% to 4.67%.

At higher LTVs, Barclays will lower its fee-free two-year fix at 95% LTV from 5.40% to 5.35%. Its Premier five-year fixed mortgage at 90% LTV, with an £899 fee, will decline from 4.75% to 4.65%.

Rates in the Green Home range will also be cut. These include a five-year fixed mortgage at 60% LTV with an £899 fee, which will fall from 4.57% to 4.48%, and a two-year fee-free product at 75% LTV, which will drop from 4.97% to 4.75%.

REMORTGAGE CHANGES

Barclays will reduce five remortgage-only rates. Its Premier two-year fixed product at 60% LTV, carrying a £999 fee, will fall from 4.75% to 4.66%, while the standard equivalent will decline from 4.78% to 4.69%.

The lender’s fee-free Great Escape two-year fixes will be reduced from 5.10% to 4.97% at 60% LTV and from 5.21% to 5.09% at 75% LTV.

It will also introduce a fee-free Great Escape three-year fixed remortgage product at 4.88% and 60% LTV. The mortgage will be available for loans from £50,000 to £2 million.

Six products in the existing-customer reward range will receive reductions. These include a two-year fixed mortgage at 60% LTV with a £999 fee, falling from 4.75% to 4.66%, and a fee-free equivalent declining from 5.10% to 4.97%.

Jatin Patel, head of mortgages, savings and insurance at Barclays, said: “Recent market volatility means many homeowners have understandably been keeping a close eye on mortgage rates. We are pleased to announce a number of rate reductions live today across our mortgage range.

“However, it’s important that homeowners know they don’t always need to hold off on decisions while they wait for rates to change. Many lenders, including Barclays, offer the option to secure a new mortgage up to 90 days before end of their current deal, with the flexibility to switch if a better rate comes along.

“In periods of uncertainty this can help provide peace of mind for consumers looking to plan their next move.”