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Barclays unveils its lowest ever rates

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Barclays has announced a raft of new products, including fixed rates at the lowest rate the bank has ever offered.

From today, Thursday 5 February, the lender will cut two-, three-, five- and ten-year fixed rate products, including those available using the Help to Buy mortgage guarantee scheme.

The two-year Help to Buy fee-free product is on offer at 3.99% up to 95% loan-to-value.

For those with larger deposits, Barclays has lowered two-year fix at 75% loan-to-value from 1.69% to 1.38%. The maximum loan size for this product has been increased to £3m, however a £1,499 application fee applies.

Andy Gray, managing director of mortgages for Barclays, said: “We are seeing increasing demand from customers seeking short to long term stability and protection from future base rate rises.

“We’re excited to announce our lowest ever 2, 3, 5 and 10 years fixed mortgage range that will help first time buyers and those looking to remortgage; demonstrating our on-going commitment to providing homeowners with access to very competitive rates.”

The lender has also made a 0.70% reduction to its two-year and lifetime tracker offset mortgages, something Gray believes will offer customers more flexibility.

“The significant change of 0.70% reduction made to our two-year and lifetime tracker offset mortgages will have strong appeal for those wishing to reduce their mortgage term or their monthly mortgage repayments and still keep instant access to their savings.”

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