Good news for house-hunters, Barclays is slashing mortgage rates with some deals dropping below 4%!

From tomorrow (29th October), Barclays is cutting rates on a range of fixed-rate mortgages for both new purchases and remortgages. This includes their popular two-year and ten-year fixed-rate deals.

Here’s a breakdown of the best deals:

For those buying a new home:

• Two-year fix at 3.96%: This deal comes with a £899 product fee and is available for those borrowing up to 60% of their property’s value.
• Two-year fix at 3.99%: This deal also has a £899 product fee.

For those remortgaging:

• Two-year fix at 4.28%: This deal comes with a £1,999 product fee.

Both new buyers and remortgagers can benefit from:

• Ten-year fix at 4.85%: This deal comes with a £999 product fee.
• Ten-year fix at 5.41%: This deal also has a £999 product fee.

What’s behind these rate cuts?

According to experts, these cuts come at a time when mortgage rates are in flux due to recent speculation around the upcoming Budget.

These rate reductions are a welcome relief for borrowers, especially those coming to the end of their current fixed-rate deals.

While there has been some recent upward pressure on mortgage rates, with five-year swap rates increasing by 3.4 basis points to 3.829%, the expectation is that the upcoming Budget will have minimal impact on consumers and mortgage rates.