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25 July 2012

Barclays cuts mortgage rates

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by Gill Montia

Barclays cuts mortgage rates

From today, Barclays has lowered six of its fixed-rate mortgages by up to 0.3% at the same time as introducing a two-year fix at 3.29% with no application fee for those buying a home at 70% loan-to-value ratio (LTV).

The reductions include a drop of 0.3% on a five-year fixed-rate deal at 70% LTV which now comes with a rate of 3.99%.

In addition, the lender’s two-year fix at 60% LTV has dropped from 3.29% to 3.09% and its five-year 80% LTV fix is down to 4.29%.

All come with a £999 application fee or £499 for customers who qualify for a Barclays’ loyalty mortgage.

The bank’s head of mortgages, Andy Gray, says: “We have recently seen an improvement in the SWAP rates and so we’ve taken the opportunity to pass these benefits onto customers by reducing some of our more popular fixed rates to give them some great deals – including a five year rate below 4%, the lowest we’ve offered this year.”

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