Barclays to slash fixed rates by up to 0.24%

Barclays will tomorrow slash rates across its two-, three- and five-year residential fixed mortgage ranges by up to 0.24 per cent.

A two-year fix at 60 per cent LTV will be offered at 1.94 per cent, down 5 basis points from 1.99 per cent.

The lender is also launching a new deal at 70 per cent LTV, fixed for two years at 2.15 per cent, while a 75 per cent LTV option will be reduced by 6 basis points from 2.39 to 2.33 per cent.

An 80 per cent LTV two-year fix will be cut 0.06 per cent to 2.69 per cent.

A three-year deal to 70 per cent LTV is to be reduced 10 basis points to 2.55 per cent.

The lender will also make reductions to its five-year fixed rate products, with a 60 per cent LTV deal down 0.1 per cent to 2.99.

The biggest cut will be to a 70 per cent LTV five-year fix, down 24 basis points from 3.49 to 3.25 per cent.

All of the above products will carry a £999 application fee.

Barclays managing director of mortgages Andy Gray says: “We are anticipating demand for fixed rates to remain strong during the autumn months and we aim to help customers switching from an SVR of 4.4 per cent on a mortgage balance of £150,000 to achieve some significant savings.

“Savings of over £3,600 could be achieved by opting for the new 60 per cent LTV two-year 1.94 per cent fixed rate, with savings rising to over £5,800 achievable when switching to the new 60 per cent LTV five-year 2.99 per cent fixed rate.”