Barclays has reduced rates across purchase, remortgage and EMC reward products, launching a 3.75% rate for premier customers.
The bank’s lowest rate has been lowered from 3.88% on its purchase premier two-year fixed at 60% loan-to-value (LTV) and comes with a fee of £899, a minimum loan of £5,000 and a maximum loan of £2m.
For non-premier customers, the same product has been lowered from 3.89% to 3.76%.
The two-year fixed purchase at 75% LTV has also been lowered from 4.05% to 3.93%. It comes with a fee of £899, a minimum loan of £5,000 and a maximum loan of £2m.
Other highlights include: • 4.09% two-year fixed £0 product fee, 60% LTV, Min loan £5k, Max loan £2m will decrease to 4.03% • 4.09% three-year fixed £899 product fee, 75% LTV, Min loan £5k, Max loan £2m will decrease to 4.07% • 3.99% five-year fixed £899 product fee, 60% LTV, Min loan £5k, Max loan £2m will decrease to 3.91%.
Within the bank’s remortgage range, Barclays has reduced its Great Escape two-year fixed at 60% LTV from 4.14% to 4.03%. It comes with no fee, a minimum loan of £50,000 and a maximum loan of £2m.
The two-year fixed at 60% LTV has also been lowered from 3.84% to 3.79%. It comes with a fee of £999, a minimum loan of £5,000 and a maximum loan of £2m.
In addition, the EMC Reward two-year at 60% LTV has been reduced from 4.12% to 4.02% with no fee and the EMC Reward two-year fixed at 60% LTV with a fee of £999 has been cut from 3.83% to 3.78%.
Both come with a minimum loan of £1,000 and a maximum loan of £2m.
Trinity Financial product and communications director Aaron Strutt says: “Mortgage lenders are still cutting their rates despite the higher inflation figures.”
“Barclays has undercut its competitors by launching a 3.75% two-year fix for property purchases although you do need to be a premier customer to qualify. The rate is only 0.01% more expensive for non-premier customers.”
“It shows how keen banks and building societies are to attract borrowers. The cheapest two year fixes are still more competitively priced than many of the three and five year fixes and they are still popular as many people still think rates will be lower in a few years time. If you can get a sub-4% rate I still think you are doing pretty well.”
