Barclays is cutting rates and launching new residential products.

Changes include launching three new fee free high LTV cashback fixed rate products for first time buyers.

Barclays says it has seen a switch in customer appetite with more home movers opting for longer term fixed rate products and is launching two new seven-year fixed rate products.

Details include the following:

• 1.98% two-year fixed, £0 product fee, £500 cash back, available up to 85% LTV, minimum loan £5k, maximum loan £250k for residential first time buyer purchase
• 2.29% two-year fixed, £0 product fee, £500 cash back, available up to 90% LTV, minimum loan £5k, maximum loan £500k for residential first time buyer purchase
• 3.94% two-year fixed, £0 product fee, £500 cash back available up to 95% LTV, minimum loan £5k, maximum loan £500k for residential first time buyer purchase
• 2.19% seven-year fixed, £999 product fee, available up to 60% LTV for loans from £5k to £1m for customers looking to purchase and remortgage

In addition, Barclays is also extending its Great Escape range offering free legals, valuation and £200 cashback customers who are looking to purchase or remortgage.

Hannah Bernard, managing director of Barclays Mortgages, said: “Spring is traditionally a period of increased house buying activity and providing competitive rates will enable more first time buyers and those with smaller deposits to get on, and move up, the property ladder, as well as helping those looking to remortgage to achieve further savings.

“We are helping to take the stress out of moving home or refinancing, and our new product range reflects the switch we’ve seen in customer appetite.  Within our new offering we’re launching two new attractive seven year fixed rate products, catering for the home movers who are opting for longer term fixed rate products.”