Mortgages  

Barclays cuts rates for homebuyers and movers

Barclays cuts rates for homebuyers and movers

Barclays is tomorrow (17 May) cutting mortgage rates across its two and five-year fixed, low loan-to-value range, with market watchers saying the move is to keep the bank at the top of best buy tables.

A new Rate Switch product range will also be launched, to allow existing Barclays borrowers to benefit from even lower exclusive rates.

Highlights include a 60 per cent LTV two-year fix priced at 1.39 per cent for purchase, or 1.43 per cent for remortgage.

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The five-year fixed rate at 60 per cent LTV comes in at 2.19 per cent, while at 70 per cent LTV it comes in at 2.45 per cent.

Full rate information:

 

Product

LTV (%)

Old Rate

New Rate

Application Fee

Min Loan

Max Loan

Fixed Rates

2 year fixed

60

1.95%

1.79%

£0

£5,000

£1,000,000

2 year fixed

75

1.73%

1.69%

£999

£5,000

£1,000,000

Premier

2 year fixed

75

1.73%

1.69%

£499

£5,000

£1,500,000

2 year fixed

80

1.83%

1.77%

£999

£5,000

£1,000,000

Purchase only

2 year fixed

60

NEW

1.39%

£1,499

£5,000

£1,000,000

Remortgage only

2 year fixed

60

NEW

1.43%

£999

£5,000

£1,000,000

Premier

5 year fixed

60

NEW

2.19%

£999

£5,000

£1,500,000

5 year fixed

60

2.25%

2.19%

£1,499

£5,000

£1,000,000

5 year fixed

70

2.57%

2.45%

£999

£5,000

£1,000,000

5 year fixed

75

2.65%

2.54%

£999

£5,000

£1,000,000

5 year fixed

80

2.73%

2.63%

£999

£5,000

£1,000,000

Purchase only

5 year fixed

60

2.79%

2.53%

£0

£25,000

£1,000,000

Rate Switch - for existing Barclays Mortgage customers

2 year fixed

60

NEW

1.43%

£999

£5,000

£1,000,000

2 year fixed

75

NEW

1.69%

£499

£5,000

£1,000,000

2 year fixed

85

NEW

2.35%

£0

£5,000

£1,000,000

5 year fixed

60

NEW

2.19%

£999

£5,000

£1,000,000

Lifetime Offset

75

NEW

2.49%

£499

£5,000

£1,000,000

2 year Tracker

 70

NEW

1.79%

£999

£1,000,000

£3,000,000

 

 

Craig Calder, director of mortgages at the bank said the deals are significantly lower than the average market standard variable rate of 4.57 per cent.

“They provide an opportunity for any homeowners who are either sitting on their lenders SVR or whose current fixed rate mortgage deal is coming to an end, to reduce their outgoings by fixing their monthly mortgage payments, and creating both savings and certainty.”

Oliver Marley, mortgage researcher at Independent James, said these rates should keep Barclays at the top of the tables.

“The five-year fixed at 2.19 per cent is particularly eye-catching and is an indication of where interest rates are likely to be at least for the next few years.

This is a real commitment to existing customers too and Barclays will see many brokers advising clients to simply stay with them and obtain a new rate – it’s an attractive proposition and forms the basis of any recommendation.”

peter.walker@ft.com