Barclays has made reductions to its mortgage rates for existing borrowers and released a five-year fixed deal.
Reductions include Barclays’ purchase-only two-year fix at 60% loan to value (LTV) for premier borrowers, which has gone down from 4.67% to 4.49%. This has an £899 product fee.
The lender has also lowered the equivalent mortgage rate for standard borrowers from 4.68% to 4.52%. The rate on the fee-free option has dropped from 4.88% to 4.71%.
Reductions of up to 0.33% have also been made to select five-year fixed deals at 60% and 75% LTV, including a fee-free option at 75% LTV, which has been cut from 4.57% to 4.24%.
Barclays has also lowered remortgage rates at 60% and 75% LTV tiers on two- and five-year fixed rates, either with or without a fee.
Changes are effective from 12 July.
The lender has also added a remortgage-only product at 75% LTV, which is a fee-free five-year fixed deal under its Great Escape range and priced at 4.68%.
This is the second time in the last two weeks that Barclays has reduced mortgage rates.
Virgin and Clydesdale adjust SVRs
Virgin Money and Clydesdale Bank have lowered their variable mortgage rates.
From today, the standard variable rate (SVR) at both lenders has been cut from 9.49% to 9.24%.
Virgin Money’s buy-to-let (BTL) variable rate has gone down from 9.69% to 9.44%.
Clydesdale Bank’s offset variable rate has moved from 9.7% to 9.45%, while its BTL variable rate and offset variable investment housing loan rate has fallen from 9.99% to 9.74%.
This week, Virgin Money has reduced rates on its exclusive mortgage range and released a product with up to £15,000 cashback to encourage borrowers to make their homes more energy efficient.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
