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Barclays Annouces Further Rate Reductions

Journalist: Riz Malik

ended 11. July 2024

Barclays has announced it is changing selected rates on Friday 12th July (changes below). Newspage asked brokers for their views, bottom.

Key Purchase product change highlights include:

  • Reduced - 4.88% 2 Year Fixed  £0 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.71%
  • Reduced - 4.68% 2 Year Fixed  £899 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.52%
  • Reduced - 4.57% 5 Year Fixed  £0 product fee, 75% LTV, Min loan £5k, Max loan £2m, will decrease to 4.24%.

Key Remortgage product change highlights include:

  • Reduced - 4.47% 5 Year Fixed  £999 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.36% 
  • Reduced - 4.65% 5 Year Fixed  £999 product fee, 75% LTV, Min loan £5k, Max loan £2m, will decrease to 4.50% 
  • Reduced - 5.01% 2 Year Fixed  £999 product fee, 60% LTV, Min loan £5k, Max loan £2m, will decrease to 4.70%

11 responses from the Newspage community

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Ranald MitchellVerified
Director at bad credit mortgage specialists Charwin Mortgages
Barclays' rate cuts are fantastic news and a continuation of the fight for top spot. With new 2- and 5-year fixed rates, mortgages are becoming more affordable for everyone. These changes are a huge win for homebuyers and those looking to remortgage.
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Darryl DhofferVerified
Founder at The Mortgage Geezer
With these latest cuts from Barclays, you have another lender not wanting to miss the rate reduction train. With SWAP rates reacting favourably to current market trends, this can only be a bonus for borrowers. As always, we should all be vigilant, as the money markets react quickly to changes, and we are certainly not out of the woods yet.
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Stephen PerkinsVerified
Managing Director at Yellow Brick Mortgages
The Ferris wheel of rate reductions has returned to the top for another go around with Barclays announcing fresh rate reductions hot on the back of their previous rate drops. This cycle is gaining momentum ahead of an expected Bank of England base rate cut in the short term. All borrowers will be enjoying the ride.
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Katy EatentonVerified
Mortgage & Protection Specialist at Eatenton Finance
Wouldn't it be great if economic decisions were based on the win last night? However, these rate cuts are ultimately based on decreasing SWAP rates, a mini-price war and improving lending conditions. Either way it's a win for borrowers. The second half of the year has the potential to be very strong.
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Riz MalikVerified
Independent Financial Adviser at R3 Wealth
It would be great to think Barclays is celebrating England's performance by cutting selected rates but the truth is that it has more to do with improving market conditions. If lenders wanted to reignite the mortgage market then they should review their criteria, responsibly, as HSBC have done this week. Criteria enhancements are key to get this market moving as well as rate cuts in the absence of co-operation from Threadneedle Street.
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Craig FishVerified
Director at Lodestone Mortgages
Fantastic news as more reductions come, this time from Barclays. All lenders continue to make significant rate reductions not only to gain a share of the increased business that is going around but to reduce borrowing costs for mortgage holders. This is superb news and it really does look like a new rate war has started.
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Ben PerksVerified
Managing Director at Orchard Financial Advisers
Great to see more rates tumbling. Things are looking much brighter as market conditions continue to improve in a steady but more consistent manner. The Bank of England have an opportunity to further improve conditions with a rate cut in August. Then we will start seeing some chunky rate drops and better savings for borrowers.
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Jack TuttonVerified
Director at SJ Mortgages
The cuts just keep on coming. Barclays are following several other lenders this week and reducing their rates further. This is another sign that market conditions are improving for existing mortgage holders and people looking to get onto the ladder. With SWAP rates continuing to reduce this week post-election, the hope will be that these cuts continue long into the summer.
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Justin MoyVerified
Managing Director at EHF Mortgages
Some seismic rate cuts from Barclays, who have certainly put the cat among the pigeons within the High Street lenders. The long-term deals in particular look more attractive. Is this another sign of base rate cuts and improvements in the mortgage market in the coming weeks? It certainly feels that way.
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Dariusz KarpowiczVerified
Director at Albion Financial Advice
Keep this news and rate cuts coming, lenders. It's a refreshing turn of events to see reductions across the board in the last few weeks instead of increases. This is a breath of fresh air and positive news for buyers and those looking to remortgage. With Barclays joining the trend, a rate cut soon is now looking more possible. Let's hope this momentum continues and provides some much-needed relief in the mortgage market.
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Ben TaddVerified
Director at Lucra Mortgages
Further good news for mortgage borrowers with the rate war now begining to heat up very nicely. Barclays are adding further fuel to the fire by slashing their rates in quick succession. The other Big Six lenders are now likely to follow suit to stay in touch at the top of the rate tables, which will lead to a domino effect in the market with other smaller lenders forced into action, too.