Barclays has announced it is to cut rates on many of its most popular mortgage rates by up to 0.3 percentage points, while it is also introducing a new five-year fixed-rate deal.
The Future Fix mortgage for property buyers with a 30 per cent deposit benefits from the cut, meaning the tracker rate has been reduced to 2.49 per cent plus the Bank of England base rate. In addition, the two-year fixed-rate deal for borrowers with a 40 per cent deposit has fallen from 3.09 per cent to 2.89 per cent.
The new five-year fixed-rate deal, meanwhile, is offered with interest of 4.89 per cent but is available to those with a deposit of just 15 per cent.
Andy Gray, head of mortgages at Barclays, says the high level of competition in the mortgage market is what has prompted this second rate cut in a matter of weeks. “This is great news for borrowers who are getting access to some really low rates,” he said.
“We would encourage people to act now and review their mortgage to see if they stand to save money by remortgaging.”