Barclays has announced a series of rate reductions amid product changes and a new residential remortgage product launch, coming into effect from tomorrow, Tuesday 27 November.
The rate cuts will take place across the following fixed-rate residential purchase and remortgage products:
The two-year fix at 60 per cent LTV will be cut from 1.59 per cent to 1.53 per cent; the two-year fix at 75 per cent LTV will be reduced from 1.67 per cent to 1.59 per cent; and the five-year fix at 60 per cent LTV will be reduced from 2.04 per cent to 1.94 per cent.
All of the above mortgage products have a minimum loan of £5,000 and maximum of £1m and a £999 product fee.
The new product takes the shape of a five-year fixed rate remortgage at 75 per cent LTV with a rate of 1.99 per cent. As above, this demands a loan of between £5,000 and £1m, and commands a £999 product fee.
Additionally, the existing five-year fixed rate residential purchase product at 75 per cent LTV with a 1.99 per cent rate and £999 product fee has had its maximum loan amount upped to £1m.