Mortgage rates are falling, and Barclays is the latest lender to slash their rates!

Barclays bank has just announced that it’s cutting the rates on its five-year fixed-rate mortgage to a super low 3.71%. This is a great deal for anyone looking to buy a home, as it gives you the security of knowing exactly what your monthly payments will be for the next five years.

This new rate from Barclays is one of the lowest on the market and is available to those buying a home with a deposit of at least 10%. This means if you’re buying a £250,000 home, you’ll need a deposit of at least £25,000.

This new rate is only available on mortgages between £5,000 and £2 million. There is a fee of £899 for this mortgage.

What’s Behind These Cuts?

Mark Harris, chief executive of mortgage broker SPF Private Clients, says that this latest rate cut from Barclays is a sign that lenders are competing for business. He expects more lenders to cut their rates in the coming weeks and months.

What other deals are Barclays offering?

Barclays is also launching a range of new mortgages for first-time buyers and home movers. These include:

• Two-year fixed-rate mortgage: 4.75% interest rate. You’ll need a 15% deposit, and there’s a £1,999 fee. This mortgage is available on properties worth between £2 million and £5 million.
• Five-year fixed-rate mortgage: 4.60% interest rate, but you’ll need a 10% deposit. There’s a fee of £999. This mortgage is available on properties worth between £5,000 and £570,000.
• Five-year fixed-rate mortgage: 4.87% interest rate with a 15% deposit. This mortgage has a £1,999 fee and is available on properties worth between £2 million and £5 million.
• Two-year fixed-rate green mortgage: 4.33% interest rate with a 40% deposit. You won’t pay a fee for this mortgage, which is available on properties between £5,000 and £2 million.

What if I want to remortgage?

Barclays is also cutting rates on some of its existing mortgages, including its two-year fixed-rate deal, which is now available from 4.16%

So, if you’re thinking of buying a home or remortgaging your existing property, now is a great time to get a good deal. Speak to a mortgage broker today to see what’s available to you.