Mortgage Strategy - Barclays to slash rates by up to 37bps tomorrow

Barclays is cutting purchase rates by up to 37 basis points tomorrow, but withdrawing its best buy two-year tracker at 3.96%. The lender is making substantial reductions on a large number of products for residential purchase. 

Trinity Financial product director Aaron Strutt says: “Barclays is lowering the price of its mortgage rates so they are much closer to Nationwide’s best buy deals. 

“The bank will have a 4.3% two-year fix and a decent 4.43% five-year fix. Barclays has lowered its best five-year fix by 33bps, which means there is a decent saving for anyone planning to take this rate soon.

“The bank has also reduced many of the rates for those with smaller deposits. It is worth remembering borrowers with a mortgage offer through Barclays can swap to the cheap rate before they exchange contracts, providing there is enough time to get the paperwork updated."

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