"We are continuing to reduce rates to make mortgages even cheaper on popular fixed rate and the Help to Buy 1 products."
The new product is part of a mortgage range revamp, with new 50% LTV buy-to-let products and rate switch reward products for existing Barclays mortgage customers.
The Bank is also reducing rates on two and five year fixed rate purchase and remortgage products and Help to Buy 1 first time buyer products.
A five-year fixed rate remortgage product is now available at 1.99% up to 60% LTV. Help to Buy rates now start from 1.65% for a 75% LTV two-year fix.
All changes will come into effect on Tuesday 23rd August.
Craig Calder, Director of Mortgages for Barclays, said: “At Barclays we know how important it is for people to be able to buy their own home, so we are continuing to reduce rates to make mortgages even cheaper on popular fixed rate and the Help to Buy 1 products. We’re also introducing a seven year fixed rate product for the price of five years fixed, so customers can make even more savings on longer term fixed products.
“In addition, we are offering a wide range of exclusive and competitive rates for our existing residential and buy to let mortgage customers - extending our commitment to recognising and rewarding loyalty of our existing mortgage customers when they are switching rates or borrowing further.”
