Barclays announces ‘bonanza’ rate reductions

Barclays has introduced a “bonanza” set of rate reductions ahead of the Budget.

Barclays’ cuts include its 4.19 per cent 2-year fixed-rate purchase mortgage with a £899 product fee available at 85 per cent LTV decreasing to 4.02 per cent.

Meanwhile, a 4.43 per cent 2-year fixed purchase mortgage with no product fee at 85 per cent LTV will come down to 4.26 per cent and a 4.22 per cent 5-year fixed purchase mortgage with an £899 product fee at 85 per cent LTV will drop to 4.12 per cent.

Lawson Financial director, Michelle Lawson, was positive about the announcement, describing it as a “bonanza” set of rate reductions.

“Usually the last quarter of the year is stagnant from lenders in terms of rate changes and criteria updates but we are seeing a surge of this to close 2025,” she said.