Barclays is reducing rates across a broad range of residential and buy-to-let mortgage products from 24 June, with cuts of up to 36 basis points and the launch of new fixed-rate and offset products.
The lender has announced widespread repricing across its residential and buy-to-let ranges, covering both purchase and remortgage business.
Within its residential remortgage range, Barclays has reduced a number of two-year, three-year and five-year fixed-rate products. The largest reduction is on its Great Escape two-year fixed-rate remortgage at 80% loan-to-value (LTV), which falls by 20 basis points from 5.36% to 5.16%.
Other notable changes include the two-year fixed-rate remortgage at 60% LTV with a £999 fee, which falls from 4.66% to 4.57%, while the equivalent 75% LTV product reduces from 4.73% to 4.63%.
Barclays has also lowered selected three-year and five-year fixed-rate products, with its Premier five-year fixed-rate remortgage at 60% LTV reducing from 4.62% to 4.52%.
NEW RESIDENTIAL PRODUCTS
The lender has introduced a new Premier two-year fixed-rate remortgage product at 60% LTV, priced at 4.54% with a £999 fee.
It has also launched a two-year offset tracker for larger loans between £2 million and £5 million. The product is available up to 75% LTV and is priced at 5.80% with a £1,999 fee.
BUY-TO-LET RATE REDUCTIONS
Barclays has made significant reductions across its buy-to-let range for both purchase and remortgage customers.
In the purchase range, the largest cuts are on five-year fixed-rate products. The 60% LTV five-year fixed-rate purchase product with an £899 fee falls from 5.05% to 4.69%, while the equivalent Green Home product reduces from 4.95% to 4.59%.
Two-year fixed-rate purchase products have also been reduced, with the 75% LTV product falling from 5.15% to 4.92%.
Within the buy-to-let remortgage range, rates have been cut across both fee-free and fee-paying options. The fee-free two-year fixed-rate remortgage at 75% LTV reduces by 40 basis points from 5.50% to 5.10%, while the £999 fee version falls from 5.05% to 4.88%.
Five-year fixed-rate remortgage products have also been reduced, with rates now starting from 4.65% at 60% LTV with a £999 fee.
Selected buy-to-let tracker products have also been repriced, with the 60% LTV two-year tracker reducing from 4.50% to 4.40%.
EMC REWARD RANGE
Barclays has also cut rates across its Existing Mortgage Customer Reward (EMC Reward) range.
Residential EMC Reward products have been reduced by up to 17 basis points, with the five-year fixed-rate product at 60% LTV and a £999 fee falling from 4.65% to 4.52%.
In the buy-to-let EMC Reward range, rates have been reduced across fixed-rate and tracker products. The largest reduction is on the two-year fixed-rate product above 75% LTV with no fee, which falls from 5.71% to 5.30%.
The lender has also introduced a new EMC Reward two-year offset tracker at 75% LTV for loans between £2 million and £5 million, priced at 5.80% with a £1,999 fee.
As part of the changes, Barclays has withdrawn its EMC Reward two-year offset tracker at 70% LTV for loans between £2 million and £10 million.
The new rates and product changes take effect from Wednesday 24 June.
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “Barclays’ latest rate cuts will be welcomed by homebuyers, remortgagers, and those planning a move, offering further signs that competition in the mortgage market is heating up.
“While reductions may seem modest, even small rate cuts can make a meaningful difference to monthly repayments, affordability, and borrowing power at a time when many households are still feeling the impact of higher living costs.
“For borrowers coming to the end of a fixed-rate deal, or those looking to get onto or move up the property ladder, these latest changes present an opportunity to reassess their options. However, the lowest headline rate isn’t always the most competitive deal. Product fees, incentives, and lender criteria can all have a significant impact on the overall cost of borrowing.
“As lenders continue to adjust pricing, seeking expert mortgage advice has never been more important. An adviser can help borrowers navigate a rapidly changing market, compare available deals, and ensure they secure a mortgage that supports their longer-term financial goals.”