Barclays is introducing widespread rate cuts from today over a wide range of its residential, buy-to-let and large loan products.

The bank says these latest rate cuts are designed to support first-time buyers, home movers and landlords, with the bank confirming new pricing across both new and existing products.

Among the new residential purchase-only options is a 3-year fixed rate at 4.04% with no product fee at 60% LTV, and a 4.09% equivalent at 75% LTV with a £899 fee.

Existing customer reward products have also seen reductions, including a 5-year fixed residential rate at 3.92% for loans up to £2m at 60% LTV.

Remortgage rates are also falling. For residential customers, Barclays is reducing its 2-year fixed rate at 85% LTV from 5.19% to 4.67%, and its 5-year fixed at the same LTV from 4.97% to 4.52%.

The Great Escape product will drop to 4.62%. Large loan reductions include a 2-year fixed at 60% LTV now priced at 3.91%, and a 5-year fixed at the same LTV reduced to 3.99%.

In the buy-to-let segment, Barclays is introducing several rate cuts for both purchase and remortgage customers.

These include a 2-year fixed purchase-only rate at 75% LTV falling to 4.58%, and a 5-year fixed version at the same LTV reduced to 4.15%. Remortgage-only products have also been cut by as much as 0.49%, with new rates starting from 4.17%.

A statement announcing today’s cuts says: “These latest reductions will provide a further boost for first-time buyers and homeowners; data from the latest Barclays Property Insights report reveals that consumer spending on rent and mortgages reduced for the fourth consecutive month in June, as Barclays and the wider market continue to lower mortgage rates.”