Barclays lowering rates again and launching sub-1.25% two-year fix for mortgages up to £2 million

Aaron Strutt Image

Barclays for Intermediaries is the latest lender to lower the price of its fixed-rate mortgages making the cost of borrowing evening cheaper.

In its latest change the bank has launched a sub-1.25% two-year fixed rate for borrowers with a £999 arrangement fee. Applicants will need a 40% deposit to qualify and the maximum loan is £2 million.

The bank has reduced the price of its two and five-year fixes at least four times over the last month as it fights to stay at the top of the best buy tables. It has lowered rates by 0.14% in its latest change, and this is on top of the 0.40% improvement on its large mortgage loans last week.

Aaron Strutt, product director at Trinity Financial, says: "A huge number of borrowers are coming to the end of their fixed and tracker rates and they are looking to switch deals. We are still speaking to a lot of clients who are moving up the property ladder.

"The Bank of England base rate has been kept at 0.75% but the Monetary Policy Committee has suggested that rates could go up or down depending on the ways the UK leaves the European Union." 

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