These changes will come into effect on Friday 9 July 2021.

Residential mortgage products ranging from 60% loan-to-value (LTV) up to 95% LTV Mortgage Guarantee Scheme deals will see reductions of up to 27bps.

These will be available for customers looking to both purchase a new property or remortgage an existing one.

Barclays customers applying for a BTL mortgage will see rates reduced by up to 20bps on some 60% LTV deals.

Notable reductions include the 95% LTV 2-year fix cut from 3.59% to 3.49%, and the 90% LTV 2-year fix cut from 2.80% to 2.87%; both deals are for purchase and do not include fees.

For remortgages, the 75% LTV 5-year fix has been cut from 1.98% to 1.85%, and the 75% LTV 5-year fix from 1.41% to 1.32%, the former deal includes a £1,795 fee and the later a £999 fee.

For existing mortgage customers, the 60% LTV 2-year fix has been cut from 0.95% to 0.99%, and the 3-year fix from 1.29% to 1.12%; the former offering includes a £1,250 fee and the later a £999 fee.