Barclays has cut mortgage rates by up to 0.34 percentage points.

Barclays lowest tracker rate mortgage, the loyalty lifetime tracker mortgage, has been cut to 1.98 percentage points above base (currently 2.48%), a reduction of 0.31 percentage points, while the equivalent for customers who do not already bank with Barclays is reduced from 2.59 to 2.49 percentage points above base (currently 2.99%).

Offset trackers in the loyalty range are also cut with the lowest rate now 2.29 percentage points above base (currently 2.79%, a reduction of 0.20 percentage points).

The rates on five-year fixed rate mortgages have also been reduced – by 0.15 percentage points to 4.29% for the loyalty rate and by 0.3 percentage points to 4.49% for the standard product.

Barclays’ cheapest two-year fixed rate for customers who do not already bank with Barclays is reduced by 0.34 percentage points to 3.15%. All of these rates are available for loans at up to 70% loan to value.

Andy Gray, head of mortgages for Barclays, said: “What we are seeing as we approach the final quarter of the year is a positive healthcheck for the mortgage market. Rates are competitive and Barclays is very much open for business and looking to lend.