Barclays has announced it is reducing the mortgage rates on some of its most popular products.
The bank revealed these levels are being lowered by as much as 0.30 percentage points, while a five-year fixed-rate option at 4.89 per cent is being introduced for homebuyers with smaller deposits.
Consumers with a 30 per cent deposit or equity can now look forward to a 0.30 percentage points reduction on the Future Fix home loan – with the offering designed as a compromise that sees a tracker used while rates are low and a three-year fixed-rate being introduced in two years, which will still benefit from the current low prices.
Andy Gray, head of mortgages at Barclays, noted: “This is the second time in less than a month that we have made cuts to our mortgages and is due to a highly competitive market with lenders making several reductions.”
Mr Gray described the reduction as great news for consumers, who will be able to take advantage of some very favourable rates.
He added people may wish to act sooner rather than later to see whether they might benefit from remortgaging.