For residential purchase-only products, the five-year fixed Premier product with a 60% LTV and an £899 product fee will see a reduction from 4.25% to 4.22%
Barclays Mortgages has announced cuts in interest rates on select mortgage products, effective from July 5.
For residential purchase-only products, the five-year fixed Premier product with a 60% LTV and an £899 product fee will see a reduction from 4.25% to 4.22%.
In the existing customer reward range, the two-year fixed product with a £999 fee at 60% loan-to-value will drop from 4.75% to 4.67%, while the no-fee option will drop from 4.98% to 4.90%. The two-year fix with a £999 fee at 75% LTV will drop from 4.90% to 4.75%, with the fee-free alternative getting a reprice from 5.07% to 4.96%.
Barclays, one of the UK’s biggest mortgage lenders, will also reduce the rates of the two-year fixed product with a £999 fee at 85% loan-to-value from 5.65% to 5.22% and the no-fee one from 5.83% to 5.43%. The two-year fixed product with no fee at more than 85% LTV will drop from 6.07% to 5.87%.
The lender’s five-year fixed product with no fee and 60% loan-to-value will drop from 4.51% to 4.45%, while the same at 75% LTV will drop from 4.95% to 4.68%. The five-year fix with a £999 fee at 85% loan-to-value will drop from 5.03% to 4.94%, and the same product with no fee will drop from 5.25% to 5.03%. The 10-year fix with a £749 fee at 75% LTV will drop from 5.15% to 4.95%.
For BTL products, the two-year fix with a £1,795 fee at 65% loan-to-value will drop from 5.15% to 4.95%, with the no-fee option dropping from 5.50% to 5.30%. The two-year fixed product with a £1,795 fee at 75% LTV will drop from 5.20% to 5.00%, while the same without fee will have its rate reduced from 5.54% to 5.34%. The five-year fix with a £1,795 fee at 65% loan-to-value will be repriced from 4.44% to 4.34%.
With the big five lenders – Barclays, HSBC, Santander, Halifax and NatWest – recently lowering their mortgage rates, lenders continue to jostle for business as they ramp up the summer sales, said Mark Harris, chief executive of mortgage broker SPF Private Clients. Those lenders who have not yet repriced are likely to follow suit, as long as service levels allow.
Even though swap rates, which underpin the pricing of fixed rate mortgages, are not showing a consistent downwards trend, the need to generate more business appears to be motivating lenders to tweak their rates, he added.
The post Barclays Mortgages to cut rates on select products first appeared on Invest for Property London, Buy Residential property UK.
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