Barclays has launched a new remortgage campaign for intermediaries named “Too big to miss,” which includes rate reductions within a number of purchase and remortgage products.
The bank states that £100bn of residential and buy-to-let balances are currently on either a standard variable rate or tracker rate product, which equates to 1.4m customers that could potentially save money by remortgaging.
Alongside this, Barclays reports that £82bn of mortgage balances are set to mature between September and December, suggesting that these customers should be looking to remortgage soon.
Indeed, remortgaging activity has increased lately, with UK Finance reporting that July’s figures were the strongest in a decade.
Within Barclay’s campaign, rate cuts follow July’s product refresh, with the two-year fixed 60 per cent LTV with £999 product fee being cut from 1.60 per cent to 1.49 per cent and the 75 per cent LTV version reduced from 1.60 per cent to 1.58 per cent.
Additionally, the five-year 75 per cent LTV with £999 product fee has been chopped from 2.05 per cent to 1.96 per cent.
Barclays Mortgages director of intermediaries Craig Calder says: “Following [recent] positive changes… we have further reviewed our products to ensure they remain competitive. As a result, we have today made further reductions to rates on a range of our products.”