Barclays and Gen H have announced reductions across a range of their mortgage products, with selected fixed and tracker rates becoming cheaper for both homebuyers and remortgage customers.
Barclays has lowered some two- and five-year residential fixed rates across its purchase and remortgage deals, with the biggest cuts reaching 40 basis points (bps).
Barclays reduces fixed mortgage rates
Remortgage customers can benefit from cuts of up to 40bps on selected five-year fixed deals. The largest reduction applies to an 85% loan-to-value (LTV) mortgage, which has dropped from 5.74% to 5.34%, with a £999 product fee.
A five-year fixed deal at 75% LTV has also been reduced by 28bps, bringing the rate down to 5.14%.
For homebuyers, selected two-year fixed mortgages at 85% LTV have been cut by up to 21bps. Rates now start at 5.29%, with an £899 fee.
Barclays has also lowered selected five-year purchase deals. Some products at 75% LTV have seen a 32bps reduction, taking the rate to 4.98%, with an £899 fee.
There have been further changes to its two-year remortgage range. A Premier product at 60% LTV has been reduced by 6bps to 4.96%, with a £999 fee.
Tracker mortgage rates have also been adjusted. An 85% LTV two-year tracker for purchase and remortgage customers has fallen by 14bps to 4.6%. However, the Premier two-year tracker at 60% LTV has increased by 13bps to 4.37%.
Gen H cuts rates across fixed deals
Gen H has reduced rates across its two-, three- and five-year fixed mortgage ranges, with cuts of up to 30bps.
The largest reduction applies to two-year fixed products at 85% LTV, which have fallen by 30bps to a starting rate of 6.24%.
Borrowers with smaller deposits can also benefit from lower rates. Selected two-year fixed deals at 90–95% LTV have been reduced by 20bps, bringing starting rates down to 6.34%.
Three- and five-year fixed products at 85–95% LTV have also seen cuts of 20bps, with rates now starting from 6.44%.
For borrowers with larger deposits, two- and three-year fixed deals between 60% and 80% LTV have been reduced by 10bps to start from 5.69%. Five-year fixed rates across the same LTV range have fallen by 9bps, with the lowest rate now at 6.19%.
Gen H’s lowest available rate for first-time buyers, homeowners moving property and remortgage customers is now 5.64%. This is offered on a special two-year fixed mortgage for loans above £500,000 at 80% LTV. The deal includes a £1,999 fee and has been reduced by 10bps.
Sara Palmer, chief distribution officer at Gen H, said the lender was pleased to reduce rates for a second consecutive week following another positive period in the swap market.
She added that the biggest reductions were focused on mortgages at 85–95% LTV, helping buyers with smaller deposits who may be hoping to secure a mortgage offer before Christmas.
Palmer said the lender would continue to make further reductions where market conditions allowed.
Download NOW
4 Simple Steps To Becoming Wealthy Through Property