Barclays has announced it is making reductions to selected rates starting tomorrow. Highlights include:
4.11% for a two year fixed, £899 product fee, 60% LTV, minimum loan £5,000, maximum loan £2million, with the rate decreasing to 3.99%
4.32% premier three year fixed, £899 product fee, 60% LTV, minimum loan £5,000, maximum loan £2m, decreasing to 3.99%
4.12% five year fixed, £899 product fee, 60% LTV, minimum loan £5,000, maximum loan £2m, dropping to 3.99%
The move has left brokers asking if Barclays is being brave or whether the reductions were set in motion before Donald Trump’s announcement of a 90 day pause to his tariffs.
Michelle Lawson, Director at Lawson Financial, said: “It’s fantastic to see sub-4% rates again. Whether these drops are temporary or not they are still a borrower’s bonanza.
“It is important for the public to ensure they are organised if wanting a mortgage in the coming months so they can secure these deals with a good broker while they are around.”
Stephen Perkins, Managing Director at Yellow Brick Mortgages, said Barclays being the first big six lender to enter the sub-4% fixed rate market is an encouraging development.
He added: “The big question, of course, is whether that pricing decision was instigated prior to the Trump tariff reversal or with full knowledge of it. We now hold our breath to see if other major lenders will follow suit in cutting their rates.”
Global economic volatility after Mr Trump’s unveiling of tariffs has boosted analysts’ expectations the Bank of England will respond with interest rate cuts..
Earlier this week, Coventry Building Society’s broker arm, Coventry for Intermediaries, launched a two-year fixed-rate mortgage at 3.89% for borrowers with a 35% deposit, with a £999 fee.