Over 40 per cent of its Woolwich mortgage products will be reduced by up to 0.55 percentage points.
The new rates include a 3 year fixed rate at 80 per cent loan to value (LTV), cut from 4.68 per cent to 4.13 per cent.
A cut of 0.20 percentage points will be made to the highly competitive 2 year fixed at 80 per cent LTV – 3.59 per cent for customers who qualify for a Barclays Loyalty mortgage and 3.68 per cent for all other customers.
Cuts will also be made to the 5 year fixed rate mortgages at 80 and 85 per cent LTV by up to 0.50 percentage points. These cuts at higher LTVs enable Barclays to make borrowing more affordable for those with a smaller deposit.
Other cuts include a 0.20 percentage points decrease on the 2 year fixed rate (open market and Loyalty) at 75 per cent LTV, now at a rate of 2.99 per cent and 2.89 per cent respectively.
On tracker mortgages Barclays is making a small cut for borrowers at 75 per cent LTV over two years, with a new rate of 1.97 per cent above base rate, and maintaining the rates on its competitive mortgages at 80 per cent LTV (2.69 per cent above base for open market and 2.59 per cent above base for Barclays Loyalty).
Alongside these rate reductions, Barclays is making a small number of rate increases to some of its mortgage range at 70 per cent LTV.
After launching its best ever 2 year fixed rate two weeks ago Barclays has seen extremely strong demand for this rate and is now rebalancing the range so that customers with lower deposits can also benefit. Barclays is also withdrawing its 70 per cent open market and Loyalty offsets.
Laoiseach Lynch, head of mortgage products for Barclays, said:
“This is the seventh time in a row that we have made substantial cuts to our mortgages, including some of the biggest rate cuts this year. The mortgage market is highly competitive at the moment with providers cutting rates on a regular basis. This is great news for borrowers as they are getting access to some of the lowest ever rates.
“Our rate cuts this time are focused on higher LTVs as we aim to make borrowing more accessible and affordable for those with a smaller deposit.
"These changes are consistent with our active participation in the mortgage market and providing some of the best deals available to our customers, helping them save money on their mortgage. We urge people to act now, review their mortgage and make the most of these great rates to protect themselves against future base rate increases.”
