Barclays bank is slashing mortgage rates by up to 0.66% from tomorrow, offering some much-needed relief for homebuyers struggling with high monthly repayments.

This significant cut means a homeowner borrowing £200,000 could save around £70 a month on their repayments!

The biggest reductions are on large loan mortgages, aimed at those buying more expensive properties. For example, a two-year fixed-rate mortgage at 60% loan-to-value (LTV) will now have a rate of 4.4%, down from 5.06%. That’s a huge saving of 0.66%! This deal is available for loans between £2 million and a massive £10 million.

But it’s not just big spenders who benefit. A five-year fixed-rate mortgage at 70% LTV is coming down by 0.49% to 4.02%, also for loans between £2 million and £10 million.

And for those with slightly less deposit, a five-year fix at 75% LTV is dropping by 0.58% to 4.07% – a big boost for first-time buyers! This deal is available for loans between £2 million and £5 million.

Good news for landlords too, with Barclays also cutting rates on buy-to-let mortgages by up to 0.4%.

And it’s not just Barclays! Leeds Building Society is also joining the mortgage price war, reducing rates on selected shared ownership mortgages by up to 0.2%, making homeownership more accessible for those who need it.

Leeds Building Society will also be launching new buy-to-let and portfolio buy-to-let mortgages at 75% LTV, potentially offering competitive deals for landlords.

These reductions come hot on the heels of similar announcements from other lenders, including TSB, Zephyr, and Vida, suggesting a wider trend of mortgage rate cuts might be on the horizon. So if you’re thinking of buying a home, now could be the perfect time to take the plunge!