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Barclays lowers larger mortgage loan rates by over 1%

Tags: Interest-only mortgages, Large loan remortgages, Large mortgage loans, Residential mortgages

Apr 04 2023

Barclays for Intermediaries has lowered the price of many of its mortgages including its £2 million+ rates.

Barclays is reducing a selection of the existing two and five-year fixed rates by 0.20% but cutting the price of its larger mortgage loan rates by as much as 1.29%.

Barclays offers a range of £1 million+ mortgages, but its larger loan price range is between £2 million and £10 million.

The bank is also reducing a selection of its existing fixed-rate products, by as much as 1%, across the residential Reward range - available for further borrowing and product transfers.

What is happening in the mortgage market?

More lenders have lowered their rates over the last few weeks, but it is unusual to see prices come down by over 1%, especially in the large loans space.

There is not a huge demand for million+ mortgages at the moment, so banks and building societies must ensure their rates are competitive to attract borrowers.

Aaron Strutt, product director at Trinity Financial, says: "Nationwide for Intermediaries made a surprising move by lowering its fixed mortgages almost immediately after the latest base rate hike, and it led to many of the other lenders announcing price reductions.

"High street lenders like Barclays are competing with private banks for business, and reductions like these help to drive down the cost of borrowing."

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

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Barclays lowers larger mortgage loan rates by over 1%

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