Barclays has made a number of rate changes across its Mortgage Guarantee Scheme (MGS) and Green Home Mortgages and as well as its buy-to-let ranges.
As of tomorrow its 90% loan-to-value (LTV) 2-year and its 60% LTV 5-year fee free fixes will be reduced.
The 2-year fix drops to 3.22% from 3.72% whilst the 5-year comes in at 1.52%, down from 1.68%. For borrowers paying a £999 fee a 5-year 90% LTV product is reduced from 3.48% to 3.30%.
The lender is also reducing rates on its 2-year and 5-year MGS fixes which drop to 3.96% and 3.97% respectively. The Green Home Mortgage fixed for 2-years at 90% LTV drops to 3.12%.
Additional new products have been launched for buy-to-let purchase and remortgages. Rates start are 2.05% for a 2-year fix or 2.15 for a 5-year fix. Fees are £1,295 for purchase and £1,795 for remortgage.
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th May 2021 10:18 am
Barclays is cutting rates on a wide range of products by up to 50 basis points tomorrow.
The lender is making reductions on a number of residential and buy-to-let products, including those for borrowers with small deposits.
The biggest cut is to its fee-free two-year fixed rate for purchase at 90% LTV, which is dropping from 3.72% to 3.22% – a cut of 0.5 percentage points.
For residential purchase the following rates are being cut:
1.68% five-year fixed £0 fee, 60% LTV, loans £5k – £5m will decrease to 1.52%
3.48% five-year fixed £999 fee, 90% LTV, loans £5k – £570k will decrease to 3.3%
3.99% Mortgage Guarantee Scheme two-year fixed £0 fee, 95% LTV, loans £25k – £570k will decrease to 3.96%
The average rate for a two-year fix rose 1 basis point to 2.58% this week, says Moneyfacts. Alongside this, the average three-year fixed rate increased 5 basis points to 2.77% and the average five-year fix moved up by 2 basis points to end the week at 2.81%. Meanwhile, the average 10-year fix stayed at 2.98%.