Residential purchase rates will be slashed
Another key player in the mortgage market has announced further product rate cuts, following similar moves from both mainstream and specialist lenders during the first days of the new year.
Effective from Wednesday, January 10, Barclays will reduce rates by as much as 50 basis points (bps) on a selection of products within its residential purchase range
As part of its latest rate adjustment, the high street lender’s 60% LTV two-year fixed with £899 product fee will have its rate slashed from 4.62% to 4.17%.
Similarly, its 75% LTV two-year fixed with £899 product fee will get a rate cut from 4.70% to 4.20%.
Barclays, one of the UK’s largest mortgage lenders, will also reduce the rate of its 95% LTV nil-fee two-year Mortgage Guarantee Scheme fix from 5.80% to 5.50%.
A number of lenders, including fellow high street banks Halifax, HSBC, and NatWest, have also slashed rates on their mortgage offerings recently.
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