Barclays has announced a reduction in certain mortgage rates starting from tomorrow (August 15th), with notable decreases of 0.3% for product transfers and further advances for two and five year fixed rates up 85% loan-to-value ratio.
Commenting on the latest big player to reduce its rates Riz Malik director at R3 mortgages says: “We appear to be in the midst of a mortgage rate rollback. We were expecting Barclays to join the other main lenders and reprice last week but better late than never”.
He adds: “Given the release of significant economic data this week, Barclays’ rate revision might prompt other lenders to reassess and possibly lower their rates further, especially if the market remains favourable. This is starting off to be another positive week for mortgage borrowers, even for those borrowing at higher loan to values”.
