Barclays Mortgage Rate Cuts on Various Products Announced
Barclays has announced a significant reduction in mortgage rates across a range of their products, a move set to benefit both new buyers and existing homeowners looking to remortgage. The new rates will be effective from Friday the 17th of May 2024, and include reductions in their Residential Purchase, Remortgage, and Reward ranges. In this article, we will explore all of the new Barclays Mortgage Rate cuts announced to our brokers at Oportfolio Mortgages today.
Key Residential Barclays Mortgage Rate Cuts And Other Purchase Product Changes
In a communication sent to our brokers at Oportfolio this morning, Barclays announced some significant rate reductions to their residential products. This is significant because over the last few months lenders in the UK have been increasing their mortgage rates, with no sign of stopping. Among the key highlights for residential purchase products, the following adjustments to Barclays products have been confirmed:
- 5-Year Fixed, £899 Product Fee, 60% LTV: The rate will decrease from 4.47% to 4.34%. This product is available for loans between £5,000 and £2 million.
- 5-Year Fixed, £0 Product Fee, 75% LTV: The rate will drop from 4.90% to 4.58%, suitable for loan amounts ranging from £5,000 to £2 million.
- 5-Year Fixed, £899 Product Fee, 75% LTV: The rate will reduce from 4.73% to 4.44%, also applicable for loans between £5,000 and £2 million.
Key Residential Remortgage Product Changes
For those looking to remortgage this year, Barclays has announced the following rate reductions:
- 5-Year Fixed, £999 Product Fee, 60% LTV: The rate will go down from 4.77% to 4.32%, for loan amounts from £5,000 to £2 million.
- 5-Year Fixed, £999 Product Fee, 75% LTV: The new rate will be 4.45%, down from 4.84%, available for loans between £5,000 and £2 million.
- 5-Year Great Escape Fixed, £0 Product Fee, 60% LTV: This rate will decrease from 4.95% to 4.51%, suitable for loans ranging from £5,000 to £2 million.
Additionally, Barclays has announced that the end dates on all their fixed-rate products for both new and existing customers will be extended to the 30th of September 2024.
Why Use A Mortgage Broker?
In light of these rate reductions, it is more important than ever for borrowers to work with a qualified and experienced mortgage advisor. Securing the most competitive rates as soon as lenders reduce them can be a complex and time-sensitive process. At Oportfolio Mortgages, our team of dedicated mortgage advisors is here to guide you through every step, ensuring you have access to the best rates available.
Our expertise in the mortgage market allows us to provide personalised advice and support, helping you to navigate the various product options and secure the most favourable terms for your unique financial situation. By working with us, you can have peace of mind knowing that you are making well-informed decisions that align with your long-term financial goals.
Call or email Oportfolio Mortgages today to take advantage of Barclays mortgage rate reductions and secure a mortgage that best suits your needs.
