Barclays has announced a string of changes to its mortgage range from today, raising LTVs and cutting several short-term fixed rates.
The lender is raising the LTV on its offset range from 70% to 75% for its two-year mortgages.
And it has cut its lifetime offset tracker by 0.20% to base rate plus 2.69, taking the initial pay rate to 3.19%. This deal has a £1,499 application fee.
Barclays will also reduce the rate on its three-year fix from 3.24% to 3.09%, again, with a £1,499 application fee.
It has raised the rates on its 85% LTV two-year fixed rate from 3.25% to 3.39%. The two-year fixed (loyalty) mortgage has an application fee of £499 against a higher fee of £999 on its normal two-year fixed rate.
Rates on its five-year fixed and five-year fixed (loyalty) deals to 60% LTV have risen, however, from 2.88% to 2.95%. Again, the loyalty product charges a £499 fee while the standard deal charges £999.
The bank's loyalty offset tracker mortgage for customers with a Barclays current account, remains priced at base rate plus 2.29%. The deal has a £1,499 application fee.
Andy Gray, managing director of Mortgages for Barclays, said the changes had been driven by the popularity of short-term fixed rates.
"We're extending our fixed rate borrowing terms by three months to ensure any new customers coming on board receive the full benefit of the term they apply for.
“In addition we are cutting rates on our three-year fixed rate product to continue to offer our customers access to lower rates.”
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