Barclays is to slash its three-year Help to Buy fixed rate by 0.5 per cent and launch its lowest ever five-year fixed rate deal.
Tomorrow the lender will cut its three-year Help to Buy product, which is available to 75 per cent loan-to-value, from 4.39 per cent to 3.89 per cent. At the same time it is pulling its Help to Buy 4.99 per cent five-year fixed rate, which is also available to 75 per cent LTV.
Barclays will launch its cheapest ever five-year fixed rate – a 2.88 per cent deal available up to 60 per cent LTV. It has a £999 fee – £499 through its loyalty range – and a maximum loan amount of £1m.
It is also launching two new three-year fixed rates – a 2.75 per cent product available to 70 per cent LTV and a 3.59 per cent available to 80 per cent LTV. Both products have a £499 product fee.
Barclays is also cutting a selection of two-year fixed rates by up to 0.21 per cent.
All of the products are available to home buyers and remortgage customers and are available both direct and through brokers.
Barclays managing director for mortgages Andy Gray says: “This is a real boost for UK home buyers, giving them access to even lower mortgage rates. Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments so these changes will help consumers by giving them access to even better deals.”