Barclays has announced it is reducing a number of its two-year fixed-rate mortgages.
The bank revealed it will lower the levels by up to 0.20 percentage points, while also cutting its NewBuy rate and adding two new plans to its portfolio.
As part of the update, the lender is downsizing its two-year Great Escape remortgage package, taking it down from 3.89 per cent to 3.74 per cent for deals at 70 per cent
loan-to-value (LTV).
It is hoped the move will prove attractive to borrowers struggling with the higher standard variable rates (SVRs) offered by other lenders.
Andy Gray, head of mortgages at Barclays, stated: “We are starting to see a trend of more people looking to remortgage in light of recent increases to more than a million borrowers sitting on competitors’ SVRs.”
The updates will also see a reduction of 0.20 percentage points on the bank’s two-year fixed deal at 60 per cent LTV – falling from 3.49 per cent to 3.29 per cent – and a reduction from 3.59 per cent to 3.39 per cent for the arrangement at 70 per cent LTV.
