Barclays is tomorrow cutting rates across its residential mortgage range by up to 1.10 percentage points, including the lowest 10 year fixed rate the bank has ever offered, in a bid to give borrowers access to even better deals.
The reductions include a drop of 1.10 percentage points on its ten year fixed cut from 4.99 per cent to 3.89 per cent and a decrease of 0.40 percentage points on its five year fixed from 3.39 per cent to 2.99 per cent for borrowers with a 30 per cent deposit (70 per cent LTV). This will really help those looking to secure their mortgage payments over the longer term.
Other changes across the range include a market leading two year tracker cut from base+ 1.89 per cent to base+1.68 per cent for customers with a 30 per cent deposit (70 per cent LTV). We have also made reductions to our Offset proposition by cutting rates on our two year Offset by 0.30 per cent to base+ 2.49% and by 0.30 per cent on our Lifetime Offset to base+ 2.89%. Both changes are for borrowers with a 30 per cent deposit (70 per cent LTV).
Andy Gray, Managing Director of Mortgages for Barclays, said:
“This is a real boost for UK homebuyers, giving them access to cheaper mortgage deals, brought about by the combination of the low base rate and the continued benefits of the funding for lending scheme. Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments over the longer term and we have helped these customers by giving them access to some of our lowest ever fixed rates in 2013, including the 10 year fixed launched today.
“As well as being of benefit to homebuyers, these products are also available to remortgage customers – with mortgage rates at historic lows, we would encourage existing homeowners to review their mortgage as they could benefit from substantial cost savings.”
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