Barclays has announced new mortgage rate cuts within its existing customer reward range, set to take effect from 21 August. These reductions are designed to benefit both existing and new borrowers, providing more competitive options in an evolving market. With these changes, Barclays continues to adjust its offerings in response to shifts in the mortgage sector, aiming to provide better deals for its customers.
One of the notable reductions includes a two-year fixed-rate deal at 85% loan to value (LTV) with a £999 fee, which will see a decrease from 5.22% to 5.07%. For those looking for a fee-free alternative, the rate will drop from 5.43% to 5.28%. These adjustments make it more affordable for borrowers who prefer shorter-term fixed-rate deals, offering a bit of relief in a market where interest rates have been rising.
At the same 85% LTV tier, Barclays is also cutting its five-year fixed-rate option. The version with a £999 fee will go down from 4.94% to 4.79%, and the fee-free deal will decrease from 5.03% to 4.88%. This makes longer-term fixed rates more attractive, especially for those seeking stability over a five-year period without the burden of high upfront costs.
These recent changes follow Barclays’ earlier reductions this month, which introduced a sub-4% mortgage rate for borrowers purchasing a home. By continuing to adjust its rates, Barclays is positioning itself as a competitive option for borrowers looking to lock in better deals in an increasingly dynamic mortgage market.
Virgin Money reduces BTL mortgage ratesÂ
Virgin Money has announced reductions across its buy-to-let (BTL) mortgage rates, with cuts reaching up to 0.15%. These changes are aimed at making their BTL products more competitive, especially within the product transfer segment, where rates now start at 4.17%. This move reflects Virgin Money’s ongoing strategy to provide better deals for landlords and investors in the current market.
In its exclusive range, Virgin Money has lowered the rate for a five-year fixed product at 60% loan-to-value (LTV) with a £2,195 fee from 4.34% to 4.31%. Additionally, a two-year fix at the same LTV with a 1% fee has been reduced by 0.08%, now sitting at 4.69%. For those seeking longer-term stability, a five-year fixed-rate option at 60% LTV, with a 3% fee, has been adjusted from 3.93% to 3.9%.
At the 75% LTV tier, a two-year fixed-rate product with a 1% fee has been reduced from 4.92% to 4.82%. Similarly, a five-year fix with a 5% fee has seen a slight reduction, moving from 3.93% to 3.9%. Virgin Money has also cut select BTL mortgage rates with a £995 fee by up to 0.15%, with rates now starting at 4.45%. Fee-saver deals have also been adjusted, with reductions of up to 0.07%, now beginning at 4.7%.
These latest adjustments come on the heels of Virgin Money’s recent introduction of a 3.99% mortgage, available at 75% LTV. With these reductions, Virgin Money is reinforcing its commitment to providing landlords and investors with more affordable mortgage options in the current landscape.
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