Barclays has announced a reduction in certain mortgage rates across its residential, buy-to-let and Reward ranges starting from tomorrow (August 15th) – with notable decreases of 0.3% for product transfers
Two-year fixed 85% LTV deals (with max loan of £2m) will be reducing from 6.96% to 6.66% – available for product transfers and further advances.
Two-year fixed over 85% LTV deals (max loan £2m) will be reducing from 7.03% to 6.73% – available for product transfers.
For Barclays’ five-year Reward product, with over 85% LTV (max £2m loan), the rate will be reducing from 7.03% to 6.73% for product transfers.
Commenting on the latest big player to reduce mortgage rates, Riz Malik director at R3 mortgages says: “We appear to be in the midst of a mortgage rate rollback. We were expecting Barclays to join the other main lenders and re-price last week but better late than never”.
He adds: “Given the release of significant economic data this week, Barclays’ rate revision might prompt other lenders to reassess and possibly lower their rates further, especially if the market remains favourable. This is starting off to be another positive week for mortgage borrowers, even for those borrowing at higher loan to values”.
