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.

West Brom and Barclays Announce Mortgage Rate Reductions

West Brom Building Society and Barclays have both announced reductions to a range of mortgage rates, including high loan-to-value (LTV) purchase products and buy-to-let (BTL) options. The changes affect products for buyers with smaller deposits as well as remortgage and large-loan BTL customers.

West Brom Building Society has reduced rates across its core residential range, focusing on supporting customers with lower deposits. For 90% LTV, the two-year fixed purchase rate with no fee has been lowered to 4.95%, down from 5%. The fee-paying option at the same LTV now stands at 4.69% with a £1,499 fee, reduced from 4.77%. For 95% LTV, the two-year fixed purchase product with no fee has been cut to 5.25%, down from 5.35%.

Barclays has also made a series of rate reductions across its residential, buy-to-let, and Existing Mortgage Customer reward ranges. The largest reduction is on its Great Escape two-year fixed rate remortgage at 80% LTV. For residential remortgages, two-year fixed rates have been reduced at 60%, 75%, and 80% LTVs. For example, the 60% LTV product with a £999 fee is now 4.57%, down from 4.66%, and the 75% LTV equivalent is now 4.63%, down from 4.73%. The Premier 80% LTV two-year fixed has dropped from 5.08% to 4.9%.

For five-year residential remortgages, Barclays’ Premier five-year fixed at 60% LTV with a £999 fee has been reduced from 4.62% to 4.52%, and the standard 60% LTV option is now 4.55%, down from 4.65%.

In the buy-to-let sector, Barclays has reduced the Premier two-year fixed at 60% LTV from 4.95% to 4.7%, and the standard 75% LTV two-year fixed from 5.15% to 4.92%. Green Home BTL five-year fixed rates at 60% LTV now start from 4.59%, down from 4.95%. For BTL remortgages, the two-year fixed at 60% LTV with a £999 fee is now 4.67%, down from 4.95%, and the 75% LTV no-fee two-year fixed is now 5.1%, down from 5.5%.

Large-loan BTL purchase and remortgage products for loans between £1m and £2m have also seen reductions. The two-year fixed at 60% LTV has been cut from 5.05% to 4.8%, and the five-year fix from 5.05% to 4.69%.

These changes may be relevant for letting agents and inventory clerks monitoring mortgage trends and affordability for both residential and buy-to-let clients.