Barclays will cut selected two- and five-year residential purchase-only fixed-rate deals by between 14 basis points and 39bps from tomorrow (8 May).
The high street bank says its reductions cover:
- Two-year fixes at 85% LTV, with a £899 product fee, will fall 24bps to 4.99%
- Two-year fixes at 85% LTV, with no product fee, will fall 39bps to 5.18%
- Five-year fixes at 85% LTV, with a £899 product fee, will fall 14bps to 4.78%
- Five-year fixes at 85% LTV, with no product fee, will fall 18bps to 4.95%
The bank’s cuts come as many major lenders lift rates as money markets bet that the first Bank of England base rate cut may be pushed back into the second half of the year.
The bank base rate has been at a 16-high year of 5.25% since last August, as the central bank battles to bring down inflation at 3.2%.
