Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Barclays, Accord, and Foundation Cut Mortgage and Buy-to-Let Rates

Barclays is set to reduce residential mortgage rates by up to 66 basis points from tomorrow, while Accord Mortgages and Foundation Home Loans are also lowering rates on buy-to-let products. These changes come amid a week of increased competition among lenders, with other brands such as Halifax, Nationwide, and Coventry also announcing price reductions.

At Barclays, the largest rate cuts are on purchase-only deals, but reductions will also apply to remortgage and existing customer rates. Notably, a two-year fixed rate at 90% loan-to-value (LTV) with no fee will drop by 66 basis points, from 5.45% to 4.79%. The Green Home version of this product will also be reduced by 66 basis points, from 5.35% to 4.69%. Additionally, a premier two-year fixed at 85% LTV with no fee will decrease by 62 basis points, from 5.35% to 4.73%.

Foundation Home Loans has announced reductions on selected buy-to-let products. Rates for F1 standard buy-to-let, houses in multiple occupation (HMOs), and multi-unit freehold block (MUFB) products will be lowered by up to 25 basis points. Short-term and holiday let products, as well as most expat products, will see reductions of up to 20 basis points, while all Property Plus rates will fall by 10 basis points.

Accord Mortgages will trim all five-year fixed rates for landlords up to 75% LTV by 8 basis points from tomorrow. Highlights include a five-year fixed at 75% LTV with a £995 fee reduced to 4.87%, and a five-year fixed at 60% LTV with a £995 fee reduced to 4.71%, both for purchase only.

These rate changes may be relevant for letting agents and inventory clerks monitoring mortgage trends and buy-to-let product shifts in the UK property market.