Barclays has made a second round of residential rate cuts in a week, which sees five-year fixed-rate deals reduced by 39 basis points to 4.39%.
Highlights of the bank’s reductions, which come to market tomorrow (1 December), include:
- Five-year fixes, with a £899 product fee, at 60% loan to value, down to 4.39% from 4.78%
- Five-year fixes, with no product fee, at 75% LTV, down to 4.70% from 4.95%
- Five-year fixes, with a £999 product fee, at 90% LTV, down to 4.95% from 5.20%
- Two-year fixes, with a £899 product fee, at 85% LTV down to 5.15% from 5.42%
- Two-year fixes, with no product fee, at 85% LTV, down to 5.39% from 5.77%
The reductions come after the lender cut residential rates by up to 57bps on Monday.
Barclays says: “The market is moving at a fast pace and we are committed to remaining nimble with our pricing to ensure we continue to provide would-be homebuyers with our most competitive offering.
“With this in mind, in addition to the positive changes communicated on Monday, we are pleased to confirm we are again reducing rates on a selection of our two- and five-year fixed-rate residential purchase-only products.”
John Charcol mortgage technical manager Nicholas Mendes adds: “Nationwide was leading the best buys at the start of the week, only to be subtly edged by Virgin’s purchase exclusive five-year fix at 4.42%.
“Barclays’ latest reprice moves them comfortably at the top of the best buys heading into the weekend.
“I expect we will see another lender reprice before the weekend or early next week to kick off the festive season.”
