This follows the previous extensive rate cuts of up to 1% made on 10th January and will give even more borrowers access to cheaper deals.
The reductions include a drop of 0.25% on its two year Great Escape remortgage package from 3.99% to 3.74% for borrowers with a 20% deposit (80% LTV). This will help borrowers currently on competitors' standard variable rates as they now stand to save even more money by remortgaging.
Other changes across the range include a highly competitive two year fixed cut from 3.49% to 3.35% and an attractive 2 year tracker cut by 0.50 % to base +2.49%. Both changes are for borrowers with a 20% deposit (80% LTV) and come with a £999 application fee and £499 for customers who qualify for a Barclays loyalty mortgage.
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. We know that remortgaging remains an untapped opportunity for many SVR customers who are missing out on the potential savings by reviewing their mortgage. The reduction to our Great Escape remortgage package is designed to get this market moving by giving customers access to even greater savings. A borrower with a mortgage of £150,000 switching from a SVR of 4.74 per cent to this deal could now save more than £2,000 over two years."
Alongside these rate reductions, Barclays is launching two mortgages at 65% LTV for loans over £300k and available up to £1.5m. A two year offset mortgage will offer a rate of Base + 2.49% and a two year fixed rate at 2.19%, will be the lowest 2 year fixed rate that Barclays has ever offered. Both come with a £1,999 application fee.
