Barclays cuts mortgage rates by up to 0.55%

Thursday, 04 August 2011 03:40

Barclays is cutting charges on two-fifths of its mortgage products, with some rates falling by as much as 0.55 per cent.

In the biggest reduction of all, the bank has cut the interest on its three-year fixed deal from 4.68 per cent to 4.13 per cent on a loan-to-value (LTV) ratio of 80 per cent

Meanwhile, its two-year fixed rate is down 0.5 and 0.4 per cent on LTVs of 75 and 70 per cent respectively.

There are also cuts on tracker mortgage payments, with the Lifetime Tracker now available at a rate reduced by 0.2 per cent.

Laoiseach Lynch, head of mortgage products for Barclays, said "This is the seventh time in a row that we have made substantial cuts to our mortgages, including some of the biggest rate cuts this year.

"Our rate cuts this time are focused on higher LTVs as we aim to make borrowing more accessible and affordable for those with a smaller deposit," he added.

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