Barclays will tomorrow launch a new fee-free five-year fixed rate remortgage product at 2.99 per cent and will cut the rates on some of its fixed rate mortgages by up to 0.3 per cent.
The five-year deal is available to 60 per cent loan-to-value. It is available for loans between £100,000 and £1m.
Following the rate cuts, Barclays will offer a 2.09 per cent two-year fixed rate, down from 2.18 per cent, for a £999 fee, although this is reduced to £499 for loyalty customer with a Barclays account.
It is also cutting a number of other two-year fixed rates. A 70 per cent LTV deal will be cut from 2.33 per cent to 2.23 per cent, while products at 75 per cent and 80 per cent will be cut from 2.49 per cent to 2.43 per cent and 3.15 per cent to 3.13 per cent, respectively. These products all have £999 fees, or £499 for loyalty borrowers.
Barclays will also cut a two-year remortgage deal available to 70 per cent LTV from 2.99 per cent to 2.69 per cent. It has no fee and is available on loans between £100,000 to £1m.
the products are available both direct and through intermediaries.
Barclays managing director of mortgages Andy Gray says: “Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments over the longer term and with our lowest ever fixed rates on offer, now is a great time for borrowers to review their mortgage arrangements.
“These changes are particularly designed to encourage existing homeowners to act now and remortgage onto a better deal to save them money on their mortgage.”