Barclays has grabbed attention this month by cutting rates on residential mortgages by up to 1.10%. The bank is offering the lowest 10-year fixed rate in its history.
The 10-year fixed rate has been dropped from 4.99% to 3.89% while the 5-year fixed has been reduced from 3.39% to 2.99%. These mortgages are available for borrowers with at least 30% deposit (otherwise known as 70% loan-to-value).
Barclays has made other changes across its range including cuts to its 2-year tracker and Offset and Lifetime Offset propositions – again, available at 70% LTV.
This is a real boost for UK homebuyers, giving them access to cheaper mortgage deals, brought about by the combination of the low base rate and the continued benefits of the funding for lending scheme. Fixed rates are proving increasingly popular with borrowers who are looking for the certainty of securing their mortgage payments over the longer term.
The mortgage deals are available to homebuyers and remortgage customers alike. If you want to secure your mortgage payments over a longer period, Barclay’s new rates are worth considering. Contact Limetree to find out how they compare to other fixed rates on the market.