Barclays has cut mortgage rates for the second time this month and now has six more deals with interest rates below the 4% threshold.
Among the highlights of the mortgage lender’s new reduced-price offerings is a two-year fixed rate deal for those buying a home at 60% loan-to-value (LTV) which is now 3.92%. This comes with a £899 fee.
For Barclays Premier customers with same loan requirements there is a rate of 3.91% on offer. This is also with an £899 fee.
Barclays is also offering a rate of 3.95% for Premier customers remortgaging to its two-year fixed rate 60% LTV deal.
Barclays’ mortgage price cuts come just weeks after it became the first of the ‘big six’ lenders to offer sub-4% rates.
Since then other lenders have followed in their footsteps including Santander and Nationwide.
Katy Eatenton, mortgage & protection specialist at Lifetime Wealth Management, speaking to the Newspage agency, said: “The weather is improving and so are the mortgage rates available to borrowers.
“There’s a clear spring bounce at play here and the fact rates are being trimmed even at higher LTVs suggests lenders are confident in the underlying property market.
“A base rate cut next month is widely expected and that could see rates drop further. All in all, it’s looking like May will be a bright one for borrowers.”
Meanwhile, Pete Mugleston, mortgage advisor & managing director at Online Mortgage Advisor told Newspage there may be more price cuts ahead.
“More rate cuts are more than welcome, and this is a clear sign that the market is quickly warming up as we head into the summer months,” he said.
“This is excellent news for borrowers and will put many at ease, especially looking to remortgage in the next couple of months.
“It’s likely we haven’t seen the last of the rate cuts, with more lenders likely to join the party in the coming days. With an anticipated cut in the base rate next month, too, things are looking up for borrowers.”
