Barclays cuts rates again

The rate cuts include a 3-year fixed rate at 80% loan to value, cut from 4.68% to 4.13%.

A cut of 0.20% will be made to their 2-year fixed at 80% LTV, and a cut will also be made to the 5-year fixed rate mortgages at 80% and 85% LTV by up to 0.50%.

Other cuts include a 0.20% decrease on their 2-year fixed rate at 75% LTV, now 2.99%.

On tracker mortgages Barclays is making a cut for borrowers at 75% LTV over two years, with a new rate of 1.97% above base rate.

Laoiseach Lynch, head of mortgage products for Barclays, said: “This is the seventh time in a row that we have made substantial cuts to our mortgages, including some of the biggest rate cuts this year.

“The mortgage market is highly competitive at the moment with providers cutting rates on a regular basis. This is great news for borrowers as they are getting access to some of the lowest ever rates.

“Our rate cuts this time are focused on higher LTVs as we aim to make borrowing more accessible and affordable for those with a smaller deposit. These changes are consistent with our active participation in the mortgage market and providing some of the best deals available to our customers, helping them save money on their mortgage.

“We urge people to act now, review their mortgage and make the most of these great rates to protect themselves against future base rate increases.”