Barclays will cut rates across its residential, buy-to-let and reward ranges.
The high street bank says it will make reductions of up to 0.16% across a selection of our 60%, 75%, 80% and 85% loan-to-value residential purchase, remortgage and reward two and five-year fixed rate products.
It will also cut up to 0.17% across its existing 75% LTV BTL purchase, remortgage and reward two and five-year fixed-rate loans, as well as launch new 75% LTV products.
Barclays says in a note to brokers: “The market is changing virtually on a daily basis and we’re working hard to ensure we continue to provide you and your clients with a comprehensive and competitive range of products.”
Highlights of the changes, which come into force on Friday (25 June), include:
A 2.75% five-year fixed-rate residential remortgage, with no product fee, at 85% LTV. Loan size ranges from £50,000 to £2m. This rate is cut from 2.90%.
This deal is part of the bank’s Great Escape range, where products come with a free non-disclosed valuation, free legal work, plus £250 cashback, or £350 if customers use their own solicitor.
A 3.37% five-year fixed-rate residential purchase mortgage, with no product fee, at 90% LTV. Loan size ranges from £5,000 to £570,000. This rate is cut from 3.45%.
And a 1.98% five-year fixed-rate BTL purchase, with a £1295 product fee, at 75% LTV. Loan size ranges from £35,000 to £1m. This rate is cut from 2.15%.
The bank is also withdrawing six products. These are:
A 2.10% five-year fixed-rate purchase only, with a £1,295 product fee, at 70% LTV. Minimum loan £35k, maximum loan £1m.
A 2.00% two-year fixed-rate purchase only, with a £1,295 product fee, at 70% LTV. Minimum loan £35k, maximum loan £1m.
A 2.00% two-year fixed-rate remortgage only, with a £1,795 product fee, at 70% LTV. Minimum loan £35k, maximum loan £1m.
A 2.10% five-year fixed-rate remortgage only, with a £1,795 product fee, at 70% LTV. Minimum loan £35k, maximum loan £1m.
A 2.10% BTL two-year fixed-rate purchase only for existing customers, with a £500 product fee, at 65% LTV.
And a 2.20% BTL two-year fixed-rate purchase only for existing customers, with a £500 product fee, at 75% LTV.
The bank says the final date for generating a mortgage information sheet for existing products is 24 June.
The last rate switch, product transfer, applications on its existing reward range products is 25th June.
And final new lending applications on existing products is 3rd July.
Original Article from Mortgage Strategy 24/06/2021
