Barclays cuts rates for fixed mortgages

John Hewitt Jones

August 19, 2016

barclays building

Barclays has reduced rates on its mortgage products and introduced new products following the Bank of England’s decision to slash the base rate last month.

Changes announced today include a reduction in interest rates for 2-year and 5-year fixed rate products, and a range of rate switch reward products for existing customers.

The bank has also moved to launch new 50% buy-to-let remortgage products.

Remortgagers reap the rewards

Craig Calder, director of mortgages for Barclays, said: “At Barclays we know how important it is for people to be able to buy their own home, so we are continuing to reduce rates to make mortgages even cheaper on popular fixed rate and the Help to Buy One products. We’re also introducing a 7-year fixed rate product for the price of five years fixed, so customers can make even more savings on longer term fixed products.

The changes come into effect from 23 August.

Calder highlighted the bank’s decision to reward current customers, adding: “We are offering a wide range of exclusive and competitive rates for our existing residential and buy-to-let mortgage customers – extending our commitment to recognising and rewarding loyalty of our existing mortgage customers when they are switching rates or borrowing further.”

Barclays operates in over 50 countries and has around 48 million customers. The bank reported a before-tax profit of £1080m in H1 2016.