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Barclays cuts rates by up to 0.66%: "Some of these changes are bigger than The World cruise liner"

ended 09. September 2024

Following TSB this morning, Barclays have now cut mortgage rates by up to 0.66% on one 2-year fixed rate product, admittedly with a £1999 product fee, @ 60% LTV and with a min loan of £2m. But there are some other chunky cuts. Newspage asked brokers for their views, bottom.

 

11 responses from the Newspage community

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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Barclays and TSB have cut mortgage rates once again, continuing what has become a weekly trend. These larger reductions signal a fierce competition among lenders, with no signs of letting up. For consumers, this is great news. Lower rates mean more affordable mortgages, increasing accessibility for first-time buyers and those looking to remortgage. The property market stands to benefit as well, with these competitive rates likely to fuel buyer activity.
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Tony Castle
Managing Director at PFG Mortgages
Cracking start to the week with some great rate cuts from two major lenders. Lenders continuing to lower rates and trying to compete with each other will be a huge benefit to homeowners and potential buyers. The downward trend in mortgage rates continues and autumn has a spring in its step.
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Elliott Culley
Director at Switch Mortgage Finance
Barclays have adjusted a selection of their current rates at lower LTVs. These products also have large product fees, so only a small selection of borrower's are likely to benefit from these rate changes as the higher product fee makes it only cost-effective for borrowers with larger mortgage balances than average.
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Hannah Bashford
Director at Model Financial Solutions
Here we go again. Not to be caught offguard, Barclays immediately followed TSB in reducing rates this morning. Some of these changes are bigger than The World cruise liner when it was anchored in Dartmouth Harbour. This is welcome news for borrowers and will help build confidence for customers looking to purchase a new property or remortgage.
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Gabriel McKeown
Head of Macroeconomics at Sad Rabbit - Substack Newsletter
Barclays brings out the scissors as mortgage rates get a serious haircut. With rates being slashed across the board, the winds of change are howling, and they're carrying the sweet scent of affordability for homeowners. With the base rate remaining stable at 5%, the move suggests Barclays is banking on a trend of falling swap rates, which directly impact mortgage pricing more than the base rate itself. These across-the-board rate cuts reflect a cautious optimism despite economic headwinds and may indicate a gradual loosening of lending conditions as we approach the end of 2024.
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Ben Perks
Managing Director at Orchard Financial Advisers
Barclays are helping the rich get richer and giving their chunkiest cuts to loans over £2m. But it's not all doom and gloom for your everyday borrower as they have given some reasonable cuts, too. The lenders are still battling it out on rates and it is great to see.
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Justin Moy
Managing Director at EHF Mortgages
Barclays are never far behind other lenders when there is the smell of a rate cut in the air. This time their main focus is to align the High Net Worth mortgage rates to the rest of their range, with cuts that will make a huge impact on those borrowing over £2m. There are some good reductions for landlords, too, not only cheaper options, but the improved affordability will be welcome for those with tight rental calculations or looking to borrow more.
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Simon Bridgland
Director at Charwin Private Clients
Barclays have joined TSB this morning in reducing rates, however they aren’t really going to change the financial landscape in the UK. You could likely count on one hand the number of borrowers looking to go between £2-£10m in loan size and for those that do there are already offers which both compete and beat the new options becoming available.
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Rob Gill
Managing Director at Altura Mortgage Finance
Rob Gill, Managing Director at Altura Mortgage Finance commented:

"Mortgage rates are falling faster than Autumnal leaves, with Barclays being the latest lender to cut rates. As sure as Autumn follows Summer, other lenders seem set to follow and continue the recent trend of rate cuts."
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Patricia McGirr
Founder at Repossession Rescue Network
It looks like Barclays are keen to attract customers at the higher end of the market here, but it’s always good news to see more rate cuts at the start of a new week. The hefty fees may be off-putting for some, but this doesn’t tell the whole story. Borrowers need to look at the total cost of their deal in real terms so they can compare offers from different lenders.
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Iain Swatton
Director at Exemplar Financial Services
Another positive update this week already. Barclays has announced further rate cuts across the board following TSB's move and last week’s reductions. It’s clear that lenders are pricing competitively to boost buyer confidence, which is fantastic news for anyone looking to buy or remortgage. With rates continuing to drop, there’s plenty of optimism for what’s ahead. A real boost for the housing market.