Barclays has announced a wide-ranging series of rate reductions across its residential mortgage range, with cuts taking place immediately.

The headline change is a 22 basis point drop on the 2-year fixed at 75% loan-to-value (LTV), falling from 4.01% to 3.79% with a £899 product fee. The same product at 60% LTV sees a smaller reduction, down from 3.84% to 3.75%.

Barclays has also launched two new products: a 2-year fixed at 4.05% with no product fee for purchases at 80% LTV, and a Great Escape 2-year fixed for remortgages at 4.46%, also with no fee and the same LTV cap. The minimum loan on the remortgage product is £50,000.

Several of the lender’s premier and green home products have also been repriced. Notably, the Green Home 2-year fixed at 60% LTV with no fee has been cut from 4.01% to 3.85%, while the 5-year equivalent at 75% LTV with a £899 fee has dropped from 4.01% to 3.88%.

Reductions are also in place across a range of Barclays’ 3-year and 5-year fixed deals for both purchase and remortgage, as well as its Great Escape and large loan offerings. For example, the 5-year fixed at 75% LTV with a £999 product fee for remortgage is now priced at 3.95%, down from 4.09%.

Meanwhile, a 2-year fixed at 70% LTV for loans between £2 million and £10 million has been reduced from 3.94% to 3.92%.

The rate cuts also extend to the lender’s Existing Customer Reward range. The 2-year fixed at 75% LTV with a £999 fee is now priced at 3.96%, down from 3.99%, while the 5-year equivalent falls from 3.99% to 3.95%.