Barclays Mortgages launches new products and reduces rates

Barclays Mortgages has reduced rates and added new products to its mortgage range, effective as of Tuesday 8 January.

The most notable products launched within the residential remortgage range is the 70 per cent LTV two-year fix at 1.97 per cent and the 85 per cent LTV two-year fix at 2.12 per cent.

The lender is also offering a 60 per cent LTV five-year fix at 2.06 per cent. All three products come with no product fee and £500 cashback

Furthermore, Barclays will also offer a 60 per cent LTV seven-year fix at 2.07 per cent with a £999 product fee.

The largest rate reduction in the residential purchase and remortgage range is the 85 per cent LTV five-year fix, which has been cut by 0.18 per cent, from 2.32 per cent to 2.14 per cent. This comes with a product fee of £999.

Within the residential purchase range, the biggest reduction is the 55 per cent LTV five-year fix, which has been reduced by 0.16 per cent, from 2.05 per cent to 1.89 per cent, with a £749 product fee.

The bank’s “Great Escape” range has seen the 60 per cent LTV five-year fix decreasing by 0.19 per cent, from 2.25 per cent to 2.06 per cent. There is no product fee.

The existing mortgage customer reward range has also seen reductions with its 85 per cent LTV five-year fix having been cut by 0.18 per cent, from 2.31 per cent to 2.13 per cent. This comes with a product fee of £999.

Additionally, under the buy-to-let range, two products will see reductions of an equal amount, with the 75 per cent five-year fix with £1795 product fee previously set at 2.89 per cent and the 75 per cent LTV three-year fix previously set at 2.99 per cent (with no product fee), both having been reduced by 0.27 per cent.

The former now stands at 2.72 per cent and the latter 2.62 per cent.

Lastly, the most notable decrease in the BTL existing mortgage customer reward range is the 75 per cent LTV three-year fix, which has been cut by 0.27 per cent from 2.98 per cent to 2.71 per cent. This includes no product fee.

Barclays Mortgages director Craig Calder says: “We are really excited about the great opportunities of the mortgage market in early 2019.

“We expect the remortgage market to be particularly vibrant as many customers will be looking to get their finances in order following the holiday period, so in addition to a host of reductions across our existing rates, we are delighted to confirm the launch of a new product which comes with £500 cashback.”

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