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Feb 27, 2024

Barclays issues 24

The high street banking giant says cuts are coming across its Residential and Buy to Let new lending and Reward ranges. Sign up to our free email alerts for the top money saving stories sent straight

The high street banking giant says cuts are coming across its Residential and Buy to Let new lending and Reward ranges.

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Barclays has just announced it is "taking advantage of a fall in the cost of market funding" by reducing rates on a selection of products. The high street banking giant says cuts are coming across its Residential and Buy to Let new lending and Reward ranges.

The changes are effective from tomorrow, Wednesday 30 August. The banking giant says the key residential remortgage product change highlights are 2 year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £2m will be reducing from 6.13% to 5.98%, 5 year Fixed £999 product fee, 60% LTV, Min loan £5k, Max loan £2m will be reducing from 5.52% to 5.37% and 5 year Reward Fixed £999 product fee, 75% LTV, Min loan £5k, Max loan £2m will be reducing from 5.54% to 5.39%.

Peter Stamford, Director and Lead Adviser at Moor Mortgages, said: "Any reduction is welcome, even when it's only 0.15% on lower LTV products. Keep them coming Barclays, but maybe something for the 90% loan-to-value crowd next time, too." Lewis Shaw, owner and Mortgage Expert at Shaw Financial Services, said: "Whilst these aren't huge changes, it's another positive step in the right direction and, hopefully, Barclays dropping rates will spur others to follow suit in the near future."

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Riz Malik, founder and director at R3 Mortgages, said: "What a great return from the Bank holiday weekend. Rishi is cutting the red tape to allow new homes to be built and Barclays are rolling back their rates. It's a shame that while the rate reductions are going live tomorrow, it will be a few years before we see the new houses."

The full list of Barclays products being repriced is below: