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Barclays to cut Help to Buy 2 rates by up to 0.7%

Barclays is set to cut rates on its Help to Buy 2 mortgage range by up to 0.7 per cent.

A two-year fixed rate through the Help to Buy mortgage guarantee scheme will be reduced 70 basis points to 4.49 per cent, with £499 fee. The five-year version will be cut 50 basis points to 4.99 per cent.

Barclays will also cut a number of products for first-time buyers, including a two-year fix at 75 per cent LTV that will be reduced 6 basis points to 1.88 per cent. A £999 fee is payable.

Further, a two-year fix at 90 per cent LTV will be cut 29 basis points to 3.39 per cent, with £999 fee.

The lender is launching two fee-free options, including a 90 per cent LTV two-year fix at 3.89 per cent. A five-year fix at 80 per cent LTV will be offered at 3.25 per cent.

The new rates and products will launch on 13 January.

Barclays managing director for mortgages Andy Gray says: “We kicked off 2015 with the launch of the UK’s lowest-ever 10-year fixed rate. Building upon this, our 14th straight rate reduction provides an opportunity to demonstrate our commitment to giving first-time buyers and those with smaller deposits access to market leading mortgage rates. 

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