Barclays launches lowest mortgage rate of the year in latest round of cuts

Barclays has announced further reductions to its residential mortgage rates.

Available from tomorrow, the latest cuts see the lender launch its lowest rate of the year so far at 3.79%, available on a Green Home five-year fixed rate at 60% LTV.

Its lowest mainstream mortgage rate is now 3.85%, available on a two-year fix in its Existing Customer Reward range.

In its residential purchase range, a Premier two-year fix at 60% LTV is available at 3.86% with an £899 fee, with the standard rate reduced to 3.87%.

Barclays has also reduced sub-4% rates at 75% LTV, with a two-year fixed rate Reward product down to 3.94% and the standard rate at 3.95%.

In the bank's five-year range, a Premier product at 60% LTV is down to 3.88% and the standard equivalent rate has reduced to 3.89%.

For remortgage, two-year fixed rates at 60% LTV have decreased to 3.87% for a Premier product and 3.88% for the standard two-year fix, both with a £999 fee.

Five-year fixed rates at 60% LTV have reduced to 3.88% for a Premier product and 3.89% for the standard rate.

In its existing customer Reward range, Barclays has reduced rates across its one, two and five-year fixed rates.

The largest reduction is to a one-year fix at 90% LTV, down by 42bps to 5.89% with no fee.

A two-year fix at 60% LTV is down by 10bps to 3.85% and the bank has launched a trio of sub-4% five-year fixes - with 60% LTV rates down to 3.86% with a £999 fee or 3.99% fee-free, and a 75% LTV product with a £999 fee also down to 3.99%.