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Barclays reduces its rate on two-year fixes by up to 0.20%

Barclays has lowered most of its two-year fixed rate mortgages by up to 0.20%.

The lender has also reduced the rate on its NewBuy deal and introduced two deals to its mortgage range.

As part of the changes it has cut the rate on its two-year Great Escape remortgage from 3.89% to 3.74% for loans at 70% LTV.

Other changes across the range include the cut of 0.20% on the two-year fix at 60% LTV reduced from 3.49% to 3.29% and from 3.59% to 3.39% at 70% LTV. At 80% LTV the rate will fall from 3.79% to 3.69%.

The bank has also cut its three-year fixed NewBuy rate from 6.09% to 5.89% and halved its application fee – reduced by £500 to £499.

It has also added two mortgages to its range at 65% LTV for loans over £500,000 and available up to £2m with a two-year offset mortgage at base + 2.49%, and a two-year fixed rate at 2.99%. Both come with a £1,999 application fee.

Virgin Money also cut some of its residential and buy-to-let fixed rate mortgages by up to 0.20% last week.

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