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Barclays to cut mortgage rates; rivals predicted to follow

Published 24/06/2024, 14:51
© Reuters.  Barclays to cut mortgage rates; rivals predicted to follow

Proactive Investors - Barclays PLC (LON:BARC) is cutting rates on several mortgage offerings, opening the door for other lenders to follow suit.

Starting tomorrow, some of the bank's new deals include:

  • Two-year fixed deal with 90% LTV and no product fee at 5.48% from 5.76%
  • Two-year fixed deal with 60% LTV and no product fee at 4.88% from 5.13%
  • Five-year fixed deal with 90% and a £999 product fee at 4.85& from 4.90%

Riz Malik at R3 Mortgages said: "Barclays is the first lender of the week to improve selected mortgage products but my suspicion is that it won't be the last."

Meanwhile, Simon Bridgland at Release Freedom thinks these "sizzling hot" deals will be echoed by rival banks.

"Things look set to heat up not just in our skies but in mortgage rates, too. Expect more lower fixed rates to continue to appear in the days ahead," he said.

Read more on Proactive Investors UK


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