The changes take effect on Tuesday 10 November.

In addition to reducing the rates on their existing 60% LTV 2-year fixed resi purchase and remortgage products, Barclays are introducing a selection of new 85% LTV residential products for loans between £5,000 and £2m.

Key highlights include a 3.13% 2-year fixed, with no fee at 85% LTV which is purchase only and a 2.94% 3-year fixed, with a £999 fee at 85% LTV which is purchase and remortgage.

Barclays are also reducing rates across a range of their existing buy-to-let purchase and remortgage products and to a selection of products within their existing customer reward range.