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

Barclays Reduces Residential Mortgage Rates by Up to 66bps

Barclays has announced reductions of up to 66 basis points (bps) across selected residential mortgage ranges. The changes affect remortgage-only, purchase-only, and existing residential customer reward products, with the largest cuts focused on higher loan-to-value (LTV) and Green Home products.

The bank's remortgage-only range has seen cuts of up to 0.15%. Notable changes include the Premier two-year fixed rate at 60% LTV with a £999 product fee, which will decrease from 4.54% to 4.39%. The two-year fixed rate product at 75% LTV with a £999 product fee will drop from 4.63% to 4.52%, and the five-year fixed rate product at 75% LTV with a £999 product fee will decrease from 4.91% to 4.85%.

Barclays' Green Home two-year fixed rate at 90% LTV saw one of the largest reductions, dropping by 66bps from 5.35% to 4.69%. The standard two-year fixed at 90% LTV also fell by 66bps, from 5.45% to 4.79%.

In the purchase-only range, the Premier two-year fixed at 85% LTV was cut by 62bps, moving from 5.35% to 4.73%.

Within the residential customer reward range, the largest reduction was an 11bps cut to the EMC Reward two-year fixed at 75% LTV, which fell from 4.63% to 4.52%. The EMC Reward five-year fixed at 75% LTV with no fee was reduced by 4bps from 5.03% to 4.99%, and the EMC Reward five-year fixed at 85% LTV with a £999 fee was cut by 5bps from 4.95% to 4.9%.

These rate reductions will be available from 9 July.

Letting agents and inventory clerks may wish to note these changes, as they could impact mortgage affordability and demand in the residential property market.