Barclays Bank has reduced rates by up to 57bps across a range of its residential mortgages.
These changes reduce the cost of both its purchase and remortgage products, and include rate reductions to its highest LTV bands, where home-buyers are looking to borrow 85% to 95% LTV.
The new rates will be effective from 28 November.
The rate cuts will see its two year ‘green’ home loan reduced from 5.98% to 5.68% — this is is available up to 90% LTV and has no product fee.
Barclays is also reduced its two-year fix from 6.08% to 5.78%. Again this is available for purchases up to 90% LTV, with no product fee.
Meanwhile its two-year fixed-rate product available under the Mortgage Guarantee Scheme of up to 95% LTV will see rates reduce from 6.7% to 6.3%. This also has no product fee.
Other reductions include its five year fix for both purchase and remortgages. This will reduce from 5.14% to 4.61%. This is available up to 60% LTV with a £1999 product fee. The same product available at 75% LTV will now be priced at 4.71% (down from 5.2%).
Barclays is also cuttings its existing customer reward rates. Its two-year fix, at up to 70% LTV, will be priced at 5.09% (down from 5.54%). This comes with a £1999 product fee.
Its five-year fix up to 70% LTV is priced at 4.61%, down from 5.14%. Again this has a £1999 product fee.
Barclays has also reduced the cost of its EMC Reward ‘switch only’ rates. The two-year product will now have a rate of 5.13% (down from 5.65%) while the five-year product has a 4.71% (down from 5.19%). Again these have a product fee of £1999 and are available on LTVs over 70%.
