New Barclays mortgage rates announced

Date:Monday 21st June 2010
Author: Max Freedman

New Barclays mortgage rates have been announced by the bank, which is cutting rates by almost one per cent.

From Wednesday (June 23rd 2010), there will be a cut of 0.7 percentage points in the cost of a two-year fixed rate mortgage.

Barclays will now also be offering an 80 per cent loan-to-value (LTV) rate from 5.29 per cent to 4.59 per cent for customers looking for new Barclays mortgages.

It will also be reducing its 85 per cent LTV mortgage rate from 6.19 per cent to 5.79 per cent.

Andy Gray, head of mortgages for Barclays, says: "The improvement to the highest LTV products will be welcomed by those with smaller deposits."

However, all the new Barclays mortgage deals will be subject to a £999 application fee.

Earlier this month, a new Barclays mortgage was launched in conjunction with Bovis Homes, with applicants able to receive a 90 per cent LTV deal if they purchase a Bovis home.