Barclays will make substantial rate cuts across its residential purchase, remortgage and reward ranges from tomorrow (2 February).

The high street bank said the changes will reduce a selection of its 60 per cent, 75 per cent and 85 per cent loan to value two and five-year fixed rates, by as much as 0.19 per cent.

The bank’s key rate changes include:

• 1.77 per cent two-year fixed, £0 fee, 60 per cent LTV – reducing to 1.58 per cent
•  1.28 per cent two-year fixed, £999 fee, 60 per cent LTV – reducing to 1.22 per cent
• 1.78 per cent five-year fixed, £999 fee, 75 per cent LTV – reducing to 1.67 per cent

The bank’s key remortgage changes include:

• 1.28 per cent two-year fixed, £999 fee, 60 per cent LTV – reducing to 1.22 per cent
• 2.81 per cent two-year fixed, £999 fee, 85 per cent LTV – reducing to 2.67 per cent
•  3.09 per cent Great Escape two-year fixed, £0 fee, 85 per cent LTV – reducing to 2.95 per cent

Barclays added that its Great Escape products come with a free non-disclosed valuation, free legal assistance and a £250 cashback offer.

The lender said these moves include some further positive changes within its lower LTV reward rates “to support existing Barclays mortgage customers looking to switch their rate with a product transfer”.

The bank’s key product transfer reward changes include:

• 1.28 per cent two-year fixed, £999 fee, 60 per cent LTV – reducing to 1.22 per cent
• 1.64 per cent two-year fixed, £0 fee, 60 per cent LTV – reducing to 1.58 per cent
• 1.69 per cent five-year fixed, £0 fee, 60 per cent LTV – reducing to 1.59 per cent

The bank added that no products are being increased or withdrawn.