Barclays has introduced a new fee free 1.85% two-year fixed at 60% LTV and cut rates across its five-year fixed at 70% and 75% LTV deals, and its two-year tracker at 60% LTV.

New deals include:

• 1.85% two-year fixed, 60% LTV (fee free)
• 2.59% five-year fixed, 70% LTV (£999 fee)
• 2.69% five-year fixed, 75% LTV (£999 fee)
• 1.34% two-year tracker, 60% LTV (£999 fee, follow on BBBR+1.99%)

Barclays has also introduced a new product: a three-year stepped fixed at 85% LTV starting at 3.09% for the first year, reducing to 2.99% and 2.89% in years two and three respectively.

Andy Gray, managing director of mortgages for Barclays, said: “We are giving homebuyers one of the best fee-free mortgages on the high street, the security of fixing their rate at a competitive 1.85% and zero application fees.

“Our extremely competitive two and five-year deals are significantly lower than the average market SVR rate of 4.4% and will have strong appeal to those homeowners who have between 35-40% equity in their property and are currently sitting on their lenders standard variable rate (SVR) to fix their monthly mortgage payments.

“New homeowners, or those looking to take their next step on the property ladder, can select a three-year term stepped fixed at 3.09% for the first year with reducing rates in years two and three. Over the three-year term, the average rate of 2.99% will help customers to save £268 compared to an initial fixed term rate of 3.09%.”