Barclays Bank is lowering some of its rates, while launching a new product for customers with a smaller deposit.
From today, its Future Fix mortgage has dropped by 0.3 percentage points for borrowers with a 30 per cent deposit or equity.
The tracker element of the product is reducing to base 2.49 per cent for two years, while the three year fixed rate remains at 3.99 per cent. The mortgage comes with a £999 application fee.
Alongside this, the two year fixed rate mortgage for borrowers with a 40 per cent deposit is reducing from 3.09 per cent to 2.89 per cent. This rate comes with the standard £999 application fee and £499 for customers who qualify for a Barclays loyalty mortgage.
The bank has also launched a five year fixed rate at 4.89 per cent for those with 15 per cent deposit or equity.
Head of mortgages Andy Gray said: “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 in the last few weeks.”
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