Barclays has slashed rates across a selection of its residential and buy-to-let mortgages by up to 0.5 per cent.
Effective from today (January 31st), the banking and finances firm is cutting its two-year Great Escape remortgage package from 3.99 per cent to 3.74 per cent for borrowers with a 20 per cent deposit and 80 per cent loan-to-value (LTV).
Other changes include a two-year fixed drop from 3.49 per cent to 3.35 per cent and a two-year tracker cut by 0.5 per cent.
Andy Gray, managing director of mortgages for Barclays, said the announcement will serve as a real boost for the UK’s homebuyers, as it will give them access to cheaper mortgage deals caused by the low base rate and continued benefits of the Funding for Lending scheme.
He added: “We know that remortgaging remains an untapped opportunity for many standard variable rate customers who are missing out on the potential savings by reviewing their mortgage.
The new rates follow recent cuts of up to one per cent made by the bank on January 10th that give borrowers even more choice of cheaper deals.
