Barclays to cut rates by up to 18 bps

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Barclays is set introduce a 2.19 per cent five-year fix for rate switchers and will cut rates by up to 18 basis points.

The rate switch product will be available to 60 per cent LTV and has a £1,999 fee. The minimum loan size is £1m and the maximum is £5m.

Tomorrow the bank will also cut a number of two-year fixed rate mortgages.

It will shave 12 basis points off a 75 per cent LTV product. The new rate will be 1.73 per cent and there will be a £999 fee.

An 80 per cent LTV will be available at 1.97 per cent, following a cut of 14 bps, and a 90 per cent LTV product will be available at 1.83 per cent, following a cut of 18 bps.

Two premier exclusives – available to borrowers with a premier or wealth account – will be priced at 1.73 per cent for a 75 per cent LTV loan and 1.79 per cent for an 80 per cent LTV loan.