In its seventh rate reduction in a row, Barclays is today making some of the biggest cuts of the year so far to its residential mortgages.
Over 40% of its Woolwich mortgage products will be reduced by up to 0.55 percentage points.
However, Barclays is also making a small number of rate increases to some of its mortgage range at 70% LTV.
After launching its best-ever two-year fixed rate two weeks ago, Barclays has seen extremely strong demand for this rate and is now ‘rebalancing’ the range so that customers with lower deposits can also benefit. Barclays is also withdrawing its 70% open market and Loyalty offsets.
Laoiseach Lynch, head of mortgage products for Barclays, said: “This is the seventh time in a row that we have made substantial cuts to our mortgages, including some of the biggest rate cuts this year.
“The mortgage market is highly competitive at the moment with providers cutting rates on a regular basis. This is great news for borrowers as they are getting access to some of the lowest ever rates.
“Our rate cuts this time are focused on higher LTVs as we aim to make borrowing more accessible and affordable for those with a smaller deposit.
“These changes are consistent with our active participation in the mortgage market.”
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