The lender has shaved up to 0.20% off a selection of mortgages for both homebuyers and those who are remortgaging.
According to Nicholas Mendes, mortgage technical manager at John Charcol, the price cuts come as Swap rates, which are what lenders use to set their pricing, have just begun to fall.
In previous weeks, despite the fact interest rates were cut by 0.25% to 4.75%, mortgage lenders had been increasing prices in response to rising Swap rates.
But Barclays has become the first lender to buck this trend.
Mendes said: “Barclays has made a bold move as the first high street lender to cut mortgage rates in response to recent market changes.
“With swap rates easing over the past couple of days, it’s great to see a lender acting quickly to reflect the slightly improving conditions.”
Among the highlights of Barclays’ price cuts is a two-year fixed-rate deal at 90% loan-to-value (LTV) which comes with no fee as had been cut from 5.49% to 5.39%.
One of the lowest rates available is for remortgagers – the five-year fixed rate at 60% LTV with a £999 fee has been cut from 4.37% to 4.17%.
Mendes said: “While these reductions won’t change the world, they do offer a bit of breathing room for borrowers, especially after the recent trend of rising rates among high street lenders.
“This could also signal the potential for more repricing across the market if conditions remain stable. It’s a small but positive step in the mortgage landscape, bringing a glimmer of hope to those navigating the current borrowing climate.”
According to Moneyfacts.co.uk, the average two-year fixed rate mortgage is currently 5.53% – no change from a week ago.
For a five-year fixed mortgage the average rate is 5.28%, which is a little higher than 5.26% on Wednesday 20 November – one week ago.
Mark Arnold, head of mortgage and savings at Barclays said: “I’m delighted we’re able to decrease core mortgage rates again, after what has been a very volatile period in the swap markets.
“As we have done during the course of this year, when we see an opportunity in the swap markets we will act swiftly to pass on the benefit to our mortgage customers.”
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