Barclays cuts mortgage rates up to 0.30 percentage points

Barclays has announced a series of rate reductions across its mortgage products starting from November 17, 2023. The changes include cuts in both fixed and remortgage rates, aiming to offer more competitive options for both new and existing customers.

The bank is set to lower rates by up to 30 basis points on a range of deals. Notable adjustments include:

• A two-year fixed-rate residential purchase mortgage at 4.80%.
• Rate reductions on two-year fixes across different loan-to-value (LTV) ratios with product fees, including fee-free options.
• The launch of a one-year fixed-rate deal for existing mortgage customers with no product fee, available for loans ranging from £5,000 to £2 million.

For those looking to remortgage, Barclays has made the following changes:

• A two-year fix at 60% LTV with a £999 fee has been reduced from 5.28% to 4.98%.
• At 75% LTV, the rate has dropped from 5.39% to 5.12%.
• The rate for an 85% LTV mortgage has decreased from 5.97% to 5.67%.

In addition, the premier two-year fix for residential purchases at 60% LTV with a £899 product fee is now offered at a lower rate of 4.78%, down from 5.07%. The standard offering with the same fee now stands at 4.8%. Furthermore, the five-year fix remortgage rate at 60% LTV with a £999 (GBP1 = USD1.2409) product fee has also been adjusted to 4.98%.

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