Barclays has today announced a number of mortgage rate cuts along with the launch of new products for the remortgage market.

New residential remortgage products are as follows:

• 2 year tracker at BBBR+0.79% at up to 60% LTV (pay rate is 1.29%)

• 2 year fixed rate of 1.79% at up to 70% LTV

• 5 year fixed rate of 2.79% at up to 70% LTV

Each of these new remortgage products comes with a £999 application fee.

Those looking to save money on Barclays’ Great Escape products can benefit from the following rate cuts – both available with no application fee, free legal work and valuation and £400 cashback to help cover the cost of their existing lender’s exit fee:

• 2 Year Fixed Great Escape at 2.25% at up to 70% LTV (a reduction of 24bps)

• 5 Year Fixed Great Escape at 2.99% at up to 70% LTV (a reduction of 50bps)
Barclays has also announced rate cuts on two of its buy-to-let products for landlords:

• 5 Year Fixed at 3.99% at up to 75% LTV (a reduction of 50bps) – application fee £1999

• 5 Year Fixed at 4.49% at up to 75% LTV (a reduction of 40bps) – no application fee

Andy Gray, managing director of mortgages for Barclays, said: “The lead up to Christmas is typically an expensive time for households – we wanted to do our bit to help people save money with the launch of some of the lowest residential remortgage rates in the market. As well as this, we are boosting the savings available on our Great Escape range and looking to help save landlords money too with cuts to our buy-to-let range.

“With Christmas looming, now is a great time for homeowners and landlords to review their mortgage to see if they could save money and reduce their monthly outgoings. For example, a client with a £150,000 mortgage balance moving from a market average SVR of 4.4% to our 1.79% 2-year fixed could save £3,914 over two years.”