This week (Tuesday 21st October), to further help mortgage customers, Barclays is making a seventh consecutive rate reduction to its mortgage range, offering its lowest ever rates on a number of mortgage products, expected to be available for a limited time.

Customers looking for either short, medium or long term certainty for their mortgage payments can now do so with some of the lowest ever rates offered by the bank, particularly for borrowers with a 40 per cent deposit:

  • Three year fixed rate at 2.29 per cent
  • Five year fixed rate at 2.85 per cent
  • Ten year fixed rate at 3.49 per cent


Customers can also benefit from rates as low as 1.88 per cent for a two year fixed term at 60 per cent LTV.

In addition, for homebuyers looking at larger loans, Barclays has reduced its five year fixed rate from 2.89 per cent to 2.75 per cent for loans between £500,000 and £3m at 65 per cent LTV.

Family Springboard

Barclays unique award-winning Family Springboard mortgage benefits from a substantial rate cut of 80 basis points from 3.79 per cent to 2.99 per cent on a three year fixed rate.

The Family Springboard mortgage allows 'Helpers' to use their savings to help homebuyers get a mortgage by holding 10 per cent of the purchase price in a Helpful Start account. This enables the purchasers to apply for a 95 per cent LTV mortgage. After three years the money is released back to the 'Helpers' with interest, providing that the mortgage repayments have been kept up to date.

Barclays has improved the process for 'Helpers' today by changing the way they can obtain independent legal advice. From this week, we are able to offer 'Helpers' the choice of a simplified process which will still ensure the implications associated with taking a Helpful Start Account are understood. Fees will apply1

Barclays is further helping First Time Buyers and those with lower deposits with reduced rates on its 85 and 90 per cent fix rate products. Its two year fixed at 85 per cent LTV is now 2.99 per cent and its 2 year 90 per cent LTV is fixed at 3.85 per cent.

Andy Gray, Managing Director of Mortgages for Barclays, said: "Last week saw a number of factors come into play that helped to reduce the cost of funding for mortgage lenders. Acting swiftly in response to the current economic conditions with a seventh straight rate reduction allows an opportunity to offer some of our lowest ever mortgage rates, continuing our commitment to give homebuyers and remortgagers access to 'never seen before' mortgage deals offered by Barclays.

"Our Family Springboard Mortgage has already helped thousands of First Time Buyers on to the mortgage ladder, and simplifying the Independent Legal Advice process helps us streamline this extremely attractive product.

"Swap rates, which impact funding costs for lenders tend to be volatile meaning the mortgage rates available to consumers can change. First-time buyers and homeowners currently have a fantastic opportunity to take advantage of competitive low fixed rates over the short, medium and long term. To avoid missing out, we are encouraging customers to move quickly and consider how they could benefit from our new rates, available for a limited time."

Barclays full changes are below.

For further information on Barclays mortgages visitwww.barclays.co.uk/mortgages

House hunters can download the Barclays Homeowner app to find a dream home, calculate borrowing and for direct access to estate agents and mortgage specialists

1 enact can provide Independent Legal Advice for £150+ VAT, with disbursements of between £3.50 and £5, per helper to cover the cost of electronic ID checks and depending on the jurisdiction. This service is available in England, Wales, Scotland and Northern Ireland.

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