Barclays and Clydesdale have made more mortgage rate reductions, with changes set to go live at the end of the week.
Barclays has made reductions of up to 0.5% across its mortgage rates.
Across its purchase-only products for new borrowers, the two-year fix with a £899 fee at 85% loan to value (LTV) has been cut from 4.46% to 4.4%.
A fee-free five-year fix at 75% LTV has gone from 4.05% to 3.96%, while a five-year fix at 85% LTV with a £899 fee has been cut from 4.17% to 4.1%.
Barclays has also made reductions to select remortgage deals for new borrowers at 60% and 75% LTV.
For existing borrowers, rates have been cut across the bank’s residential purchase, remortgage and reward deals applying to two- and five-year fixes as well as green deals.
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This includes the two-year fixed purchase-only premier product at 60% LTV with a £899 fee, which has been reduced from 3.96% to 3.87%, and the equivalent standard mortgage, which is now 3.9%, down from 3.99%.
The fee-free option at this tier has a rate of 4.19%, down from 4.35%.
Across higher-LTV tiers, Barclays lowered the rate of its two-year fixed fee-free product at 90% LTV from 5.13% to 4.95% and the premier option with a £899 fee from 4.85% to 4.75%.
Some of the lower rates include the premier five-year fixed remortgage-only deal, at 60% LTV with a £999 fee, and an equivalent reward product. Both have been reduced from 3.88% to 3.8%.
These reductions follow rate cuts made by Barclays last week.
Clydesdale Bank makes mortgage rate reductions
Clydesdale Bank also announced cuts, including reductions to its two- and five-year fixed core residential products.
These have been lowered by as much as 0.25% and now start at 3.89%.
Across its exclusive deals, the product transfer at 65% LTV and fixed for two years has been reduced by 0.02%, while select two- and five-year fixed remortgages have been cut by up to 0.14% to start from 4.04%.
These products have a free valuation for properties valued up to £3m and free basic legals up to £2m.
Clydesdale Bank’s exclusive two- and five-year purchase rates have been lowered by as much as 0.15% to start from 4.09%.
These products will come with a free valuation for properties valued up to £3m.
Additionally, select large loan two- and five-year fixed rates will be reduced by up to 0.23%.
Rates have been cut by as much as 0.25% across select two- and five-year fixed professional products, and up to 0.71% across select two- and five-year fixed buy-to-let (BTL) options.
The lender has also increased select five-year fixed rates for professional deals by as much as 0.06%.
Additionally, it has pulled its exclusive five-year fixed remortgage at 65% LTV, and deals in this range will no longer offer £500 cashback.
These changes come in on 11 October.
