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"Barclays have launched some sizzling hot fixed rates"

Journalist: Riz Malik

ended 24. June 2024

From tomorrow, 25 June, Barclays has announced it is changing rates on a selection of products across its residential purchase range. Key highlights below. Newspage asked brokers if they are expecting more lenders to reprice downwards over the coming weeks given the ongoing improvement in SONIA swap rates, and whether other high street lenders are likely to follow. Their views are bottom.

  • Reduced - 2 Yr Fixed  £0 product fee, 90% LTV, Min loan £5k, Max loan £570k, will be reducing from 5.76% to 5.48%
  • Reduced - 2 Yr Fixed  £0 product fee, 60% LTV, Min loan £5k, Max loan £2m, will be reducing from 5.13% to 4.88%
  • Reduced - 4.90% 5 Yr Fixed  £999 product fee, 90% LTV, Min loan £5k, Max loan £570k, will be reducing from 4.90% to 4.85%

9 responses from the Newspage community

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Riz Malik
Independent Financial Adviser at R3 Wealth
Barclays is the first lender of the week to improve selected mortgage products but my suspicion is that it won't be the last. Expect further reductions from other high street and specialist lenders this week given improving market pricing. The improvement in SWAPs is great news for borrowers.
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Michelle Lawson
Director at Lawson Financial
What a refreshing email to receive from Barclays on a scorchio summer day. These are real reductions in rates, which will have significant benefits for borrowers and are not just a token gesture.
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Simon Bridgland
Director at Charwin Private Clients
Barclays have launched some sizzling hot fixed rates to match the start of the long-awaited summer sun. More lenders will follow suit this week with their rates melting away in the heat. Things look set to heat up not just in our skies but in mortgage rates, too. Expect more lower fixed rates to continue to appear in the days ahead.
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David Stirling
Independent Financial Advisor at Mint Mortgages & Protection
Quick off the mark on a Monday morning with some great news for borrowers is Barclays. These rate reductions will be a boost for borrowers. Barclays can only be the first of the high street banks to lower rates given the favourable interbank lending rates that have edged down, too. Expect others to follow.
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Justin Moy
Managing Director at EHF Mortgages
Barclays have made a positive start this week, passing on Swap rate improvements to those looking to buy a new home. With cuts across their purchase range, it is likely that other lenders will follow a similar pattern. But keeping remortgage and existing borrowers paying higher rates won't please the majority of borrowers.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Barclays' rates have been melted down in the heatwave hitting the UK. This will bring huge relief to borrowers across the country. This is the mortgage equivalent of Factor 50, providing added protection to borrowers.
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Denni Tyson
Mortgage and Protection Advisor at Henchurch Lane Financial Services
With Barclays setting the precedent with a Monday morning rate reduction, it surely has to be followed by other lenders? These rate reductions by Barclays are a positive start to the week.
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Louis Mason
Content and Communications Director at Oportfolio Mortgages
This is great to see! We have lots of clients who have been literally holding their breaths for rates to come down. With the positive news about inflation, an almost certain base rate drop later in the year, and an improvement in SONIA swap rates, we are very positive about other lenders dropping their rates sooner rather than later.
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Ben Tadd
Director at Lucra Mortgages
Positive signs for prospective borrowers this morning as Barclays react to downward shifts in SONIA swap rates over the last few weeks, by slashing a number of their fixed rate purchase products. Other lenders are likely to react by following suit and reducing their rates, to maintain market share.