Barclays is cutting the price of its 10-year fixed by 14 basis points to 1.99 per cent, which is the lowest rate it has ever offered for this type of deal.

The product, which is also the lowest 10-year fix on the market, will be available from Friday up to 60 per cent LTV with no fee.

The lender will be making further reductions of up to 19 basis points on residential deals including cuts to selected 80 per cent LTV products, although rates on its 95 per cent and 100 per cent LTV Springboard deals will increase.

The rate cuts are across both its residential and buy-to-let ranges for purchase, remortgage and product transfer.

It is also introducing new tracker deals and increasing maximum loan sizes on some products.

Among the biggest rate cuts in its residential range, Barclays is cutting its three-year fixed for purchase and remortgage at 75 per cent LTV from 1.58 per cent to 1.39 per cent with a £999 fee.

Scores of other rates are reducing.

However, its 95 per cent LTV Springboard deal fixed for five years at 2.75 per cent will increase to 2.85 per cent with no fee.

Its 100 per cent LTV Springboard five-year fixed at 2.95 per cent will increase to 3.05 per cent, also with no fee.

Both deals require a borrower’s family member to put down 10 per cent of the property’s value in a Barclays account as a security in case they default on payments.

The lender is introducing a range of new residential tracker deals for purchase and remortgage starting from 1.18 per cent.

Moneyfacts confirmed that the new 10-year fix will be the lowest currently on the market.

Personal finance expert Eleanor Williams says: “It is fantastic to see such a competitive 10-year fixed rate for consumers. 

“For those with the required 40 per cent equity or deposit, this could provide some much needed certainty and peace of mind as to what their monthly mortgage repayment would be for the long-term. 

“It would provide stability and protection from potential interest rate volatility moving forwards, but borrowers would need to be comfortable that they have carefully considered their circumstances and future plans would lend themselves to locking into a deal for this length of time.”