Barclays has announced a series of reductions to its mortgage rates, including a 0.3 percentage point fall for product transfers, following similar announcements by other large lenders.
Barclays has reduced rates on a selection of products across its residential and buy-to-let new lending and reward ranges.
This was greeted with positivity by brokers, with Dimora Mortgages director, Jamie Lennox, commenting: “It’s great to see the last of the big six move their fixed pricing downwards.”
The announced changes include its fee-free, two year fixed product at 85 per cent loan to value, being reduced from 6.96 per cent to 6.66 per cent, which is available for product transfers and further advances.
A change was also announced on its fee-free, two year fixed product, at more than 85 per cent LTV, which has been reduced from 7.03 per cent to 6.73 per cent for product transfer only.
Additionally, its fee-free, five year reward fixed, at over 85 per cent LTV, has seen a reduction from 7.03 per cent to 6.73 per cent, available for product transfers.
These rate reductions have taken effect from today (August 15).
Barclays' changes follow similar announcements from other large lenders, most recently from Santander whose rate reductions took effect from yesterday (August 14).
Santander said it would reduce a number of it’s fixed rate deals by up to 0.29 percentage points.
Shaw Financial Services owner and mortgage expert, Lewis Shaw, predicted that, now the "big six" have reduced rates the rest of the market is likely to follow.
“Expect more cuts to come if the inflation data on Wednesday is positive,” he added.
This can already be seen as specialist lender Gen H also announced a number of rate reductions.
Gen H's has reduced its 95 per cent LTV by up to 16 basis points, which are currently live for both broker and direct customers.
These rates include five-year homebuying bundle rates at 95 per cent LTV falling to 5.97 per cent (with a £999 fee) and 6.03 per cent (without a fee).
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