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Barclays to slash rates by up to 0.5%

Barclays is to cut rates across its residential and buy-to-let ranges by up to 0.5 per cent.

The largest cuts, which will take effect from tomorrow, have been made to the lender’s residential tracker range. It has cut a 70 per cent LTV lifetime tracker by 0.5 per cent, from base plus 3.19 per cent to base plus 2.69 per cent, and a two-year tracker at 80 per cent LTV from base plus 2.99 per cent to base plus 2.49 per cent.

Barclays has also cut three fixed rate mortgages by up to 0.14 per cent.

It has also introduced two new mortgages at 65 per cent LTV for loans over £300,000 and up to £1.5m. A two-year offset will offer a rate of base plus 2.49 per cent and a two-year fixed rate at 2.19 per cent, the lowest two-year fixed rate ever offered by the lender. Both come with a £1,999 application fee.

Additionally, its buy-to-let range has been cut buy up to 0.3 per cent.

This is the lender’s second round of cuts this month, having cut rates by up to 1 per cent on 10 January.

Barclays managing director for mortgages Andy Gray says: “This is a real boost for UK homebuyers, giving them access to cheaper mortgage deals, brought about by the combination of the low base rate and the continued benefits of the funding for lending scheme.”

See table below for the full range of rate cuts and the lender’s new products:

Barclays-rates

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