Barclays reduces residential rates by up to 0.57%

Barclays is reducing rates on a selection of products across its residential purchase and reward ranges from tomorrow, Tuesday 28 November.

The changes will see some of the bank's £2m - £10m purchase and remortgage products reduce by as much as 0.57%. There is also positive news for higher LTV clients with reductions being made on a range of 85% - 95% LTV purchase products.

Highlights of the new residential purchase range include a two-year green home product at 90% LTV, reduced from 5.98% to 5.68% with no product fee.

Two-year fixed rates have also reduced by 30bps to 5.78% at 90% LTV and a two-year Mortgage Guarantee Scheme product at 95% LTV is reducing from 6.70% to 6.30%. Both products are fee-free.

In Barclays' purchase and remortgage range, which is available for loans over £2m with a £1,999 fee, two-year fixed rates are reducing from 5.54% to 5.09% at 60% LTV, from 5.65% to 5.13% at 70% LTV, and from 5.70% to 5.13% at 75% LTV.

Five-year fixes have reduced by up to 53bps and now start from 4.61% at 60% LTV and 4.71% at 70% and 75% LTV.

Across its existing customer reward range, a one-year fix at 90% LTV has reduced by 20bps to 5.88%, while a two-year fix for LTVs above 85% has also decreased to 5.88%, both fee-free.

At 70% LTV, a two-year fix has reduced from 5.54% to 5.09% and a five-year fix is down from 5.14% to 4.61%, both with a £1,999 product fee.

In addition, two and five-year rate switch products at 70% LTV have decreased to 5.13% and 4.71% respectively, both with a £1,999 fee.