Barclays will reduce rates on a selection of products by as much as 0.50% on its residential purchase and remortgage range, effective 11 October.
For the lender’s existing products, the residential purchase only premier two-year fixed at 75% loan-to-value (LTV) with a product fee of £899 will be lowered from 4.44% to 4.09%. It comes with a minimum loan of £5,000 and maximum loan of £2 million.
Meanwhile, the residential remortgage only two-year fixed at 85% LTV with a product fee of £999 has been reduced from 5.32% to 4.85%. It comes with a minimum loan of £5,000 and maximum loan of £2 million.
Also in that range, the Great Escape five-year fixed at 85% LTV and no product fee will be cut from 5.35% to 4.85%. It comes with a minimum loan of £50,000 and maximum loan of £2 million.
For purchase and remortgages, the two-year fixed at 75% LTV and a product fee of £1,999 has been lowered from 4.65% to 4.34%. It has a minimum loan of £2 million and maximum of £5 million.
Elsewhere, in the lender’s existing customer reward range, the residential EMC Reward five-year fixed over 85% LTV has decreased from 5.78% to 5.45%. It comes with a minimum loan of £1,000 and maximum of £2 million.
Barclays’ rate reductions come as Coventry for intermediaries, Co-operative bank for intermediaries, Molo and LiveMore all said they will either withdraw products or raise rates by the end of the week amid uncertainty over whether the Bank of England will push through two rate cuts this year as unrest in the Middle East threatens to lift oil prices and push up inflation.
