In addition to these rate reductions, Barclays is withdrawing several existing residential purchase-only products. These include the 4.73% two-year fixed mortgage with an £899 product fee at 85% LTV, the 4.14% five-year fixed mortgage with no fee at 75% LTV, and the 4.37% five-year fixed mortgage with an £899 fee at 85% LTV.
This latest round of rate cuts comes after Barclays recently lowered rates across its fixed rate purchase and remortgage products, positioning the bank with the lowest mortgage rate of 3.83% among major lenders offering sub-4% deals. These moves follow the Bank of England’s base rate reduction at the beginning of the month.
Meanwhile, Virgin Money has also reduced rates on several of its fixed rate buy-to-let mortgage products.
For exclusive BTL products, the 60% LTV five-year fixed rate with a £2,195 fee has decreased by 0.03% to 4.31%. The 60% LTV two-year fixed rate with a 1% fee has seen a reduction of 0.08%, bringing it to 4.69%. The 75% LTV two-year fixed rate with a 1% fee has been lowered by 0.10% to 4.82%. Both the 60% and 75% LTV five-year fixed rates with a 3% fee have dropped by 0.03% to 3.90%.
For standard BTL products, selected rates with a £995 fee have been reduced by up to 0.15%, with the new rates starting at 4.45%. Additionally, selected fee-saver products have seen a reduction of up to 0.07%, with rates beginning at 4.70%.