Barclays launches new sub-4% mortgage deal to secure lowest market rate

Barclays has undercut other 'Big Six' mortgage lenders who have introduced sub-4% deals this week with the launch of a 3.83% mortgage rate.

The announcement follows the launch of a 3.92% rate from HSBC this morning and other sub-4% rates from NatWest and Nationwide earlier this week.

Barclays has announced a 20bps cut to its Premier five-year fixed rate at 60% LTV, now at 3.83% with a £899 product fee.

Its standard five-year fix at 60% LTV has decreased to 3.84% with a £899 fee.

Barclays has also announced cuts of up to 0.20% across its two, three and five-year fixed rate purchase and remortgage ranges, alongside selected products for existing customers.

HSBC's five-year fix, which also launched today, is available up to 60% LTV and is available to first-time buyers and homemovers with a £1,4999 fee. A rate of 3.95% is also available with a £999 fee.

NatWest's 3.97% five-year fixed rate, which launched earlier this week, is only available to home movers directly, available at 60% LTV with a £1,495 fee.

Prior to that, the previous cheapest rate on the market was Nationwide's five-year fixed rate at 3.99%, launched two weeks ago. Nationwide's product is also available to new customers moving home and comes with a £1,499 fee.

A host of lenders have reduced mortgage rates after the Bank of England cut interest rates to 5% last Thursday, the first reduction since 2020.