Barclays will cut purchase rates by up to 37 basis points tomorrow, but withdraw its best buy two-year tracker at 3.96%.
Barclays logo on the building. Glasgow, United Kingdom.
The lender offers significant discounts on a large number of home purchase products.
One of the highlights is that a three-year 75% fixed LTV product with an £899 fee drops by 37 basis points from 5.05% to 4.68%.
A no-fee five-year fixed 100% LTV product from Springboard is reduced by 35 basis points from 5.54% to 5.19%, while the 95% option drops by 33 basis points to 4.99%.
Many other deals are also being cut by 20-30 basis points.
Trinity Financial product and communications manager Aaron Strutt said: “Barclays is lowering the price of its mortgage rate so it is much closer to Nationwide’s best purchase deals.
“The bank gets a fix of 4.3% for two years (was 4.39%) and a decent fix of 4.43% for five years.
“Barclays has cut its five-year best rate by 33 basis points (it was 4.76%), meaning there are significant savings for anyone planning to take this rate soon.
“The bank has also reduced many rates for people with smaller deposits.
“It is worth remembering that borrowers with a mortgage offer through Barclays can switch to the cheap rate before exchanging contracts, provided there is sufficient time for the paperwork to be updated.
“Barclays is also attracting its best buy rate of 3.96% over two years, which has undoubtedly been incredibly popular.
“Halifax still has its two-year tracker at 3.96%, with a fee of £1,499 and a 40% deposit required.”