Barclays bank has announced it will drop a selection of their two-year fixed rates by up to 0.15 %, with the lowest rate deal now closer to the other market leading rates, currently at record lows.
They will favor more substantial mortgage borrowers by reducing their large loans 2 year fixed for mortgages up to 65% loan to value (LTV) by 0.1% to 1.89% (the overall cost for comparison is 3.6% APR, with a £1,999 application fee). They will also lower their 2.09% deal to 1.99%, which is available on all loans up to £1million at 60% LTV.
At higher LTV's they have also made reductions, dropping their 70% LTV product to 2.18% (3.7 APR) , 75% LTV to 2.35% (3.75 APR), and 80% LTV to 2.8% (3.76 APR) respectively. These all come with a £999 application fee, (£499 for loyalty customers).
They are also launching new 3 year deals, and more notably, 3 year fixed rates specifically for new build properties, at 2.75% for 70% LTV, and 3.75% up to 85% LTV, both with £499 app fee.
All mortgages revert to a rate of 3.39% plus the Bank of England base rate (currently 0.5%).
Barclays mortgage MD Andy Gray said: “The summer holidays are now well and truly over with the kids going back to school this week, meaning only good news for the mortgage market. People will be looking at ways to get on or move up the property ladder and now is a great time to do this.
“We expect demand for short term mortgage rates to remain strong which is why we’re passing on the benefits of lower rates to these borrowers.”
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