Barclays has made further reductions to its mortgage rates, with more of its deals now dipping below the 4% mark. The latest update means six additional mortgage products will now be priced under 4%, including options available to existing mortgage customers.
In the bank’s residential purchase-only category, approximately 18 mortgage products are set to see a rate reduction. For instance, its two-year fixed rate deal with a £899 fee at 60% loan to value (LTV) is being lowered from 3.99% to 3.92%.
Another example is the two-year fixed rate at 75% LTV with the same £899 fee, which will drop from 4.13% to just below the threshold at 3.99%.
For those looking to remortgage, Barclays is also cutting rates on 10 of its products. This includes its two-year fixed rate at 60% LTV with a £999 fee, which will now be available at 3.96%, down from 4.21%.
Similarly, its five-year fixed rate for the same LTV and fee structure is being reduced from 4.12% to 3.95%, making it more attractive to long-term borrowers.
The biggest drop in this series of reductions is seen on Barclays’ two-year fixed remortgage deal at 75% LTV, which comes with a £999 fee. That product is being cut by 0.33%, bringing the rate down to 4.19%.
Barclays has also reduced rates across 12 mortgage deals in its existing customer reward range. One example is the two-year fixed rate at 60% loan to value (LTV), which includes a £999 fee. This particular deal has dropped from 4.06% to 3.95%.
These latest adjustments follow on from a round of rate cuts introduced by Barclays last week. The aim appears to be to bring more of their mortgage products into the increasingly competitive sub-4% category.
Clydesdale Bank cuts resi and exclusive mortgage rates
Clydesdale Bank is set to reduce a number of its core residential and exclusive mortgage rates by up to 0.15%, starting from 30 April.
The bank’s core residential range – which includes product transfer options – will see selected two- and five-year fixed mortgage rates lowered across loan-to-value (LTV) bands of 65% to 75%.
In addition, certain exclusive residential purchase deals at 90% LTV will also see reductions, with rates dropping by around 0.1%.
Clydesdale is also making changes to its large loan mortgage products. Selected two- and five-year fixed rates for residential large loans, along with exclusive product transfer deals for existing customers, will be cut by up to 0.15%.
Furthermore, large loan exclusive products at 50% LTV are also due for similar reductions, making them slightly more competitive.
However, not all changes are downward. The bank will raise some of its buy-to-let (BTL) mortgage rates. Selected two- and five-year BTL products at 60% and 75% LTV will increase by roughly 0.09%.
Brokers looking to secure current rates are encouraged to submit applications by 8pm today before the new pricing takes effect.
TSB reduces mortgage rates by up to 0.2%
TSB has announced reductions to a range of its mortgage products, with selected residential, product transfer, and additional borrowing rates set to drop by as much as 0.2%.
Among the changes, two-year fixed deals for first-time buyers and home movers, covering loan-to-value (LTV) bands up to 75% and from 85% to 95%, will see rate cuts of up to 0.2%.
Three-year fixed mortgages for the same buyer types, up to 75% LTV and between 85% and 90% LTV, will fall by up to 0.15%.
Five-year fixed rate options for first-time buyers and home movers with LTVs up to 75% will see a reduction of around 0.1%.
For those looking to remortgage, TSB is also lowering its two-year fixed rates by around 0.2% for LTVs up to 75% and between 85% and 90%.
On the product transfer side, selected two-year fixed residential rates between 60% and 75% LTV will go down by approximately 0.05%.
Finally, within TSB’s additional borrowing range, residential two-year fixed rate products from 60% to 75% LTV will also be reduced by 0.05%.
Gen H cuts five-year fixed rates
Gen H has introduced a series of reductions across its five-year fixed rate mortgage products.
Rates for five-year fixed deals at 85% and 90% loan-to-value (LTV) are being lowered by 0.21%, while those at 95% LTV will see a smaller cut of around 0.1%.
These updated rates are now available and active for borrowers.
The lender recently secured funding from Perenna to support its latest offering, known as the New Build Boost initiative.
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