Barclays has announced new rate reductions on select products by up to 0.50%, whilst Clydesdale Bank will also lower rates by up to 0.71%. All new deals will be effective from tomorrow, October 11.
CLYDESDALE BANK
The new deals announced by Clydesdale Bank include:
- BTL selected two- and five-year fixed rates will be reduced by up to 0.71%.
- Residential selected two- and five-year fixed rates will be lowered by up to 0.25% and will start from 3.89%.
- Professional selected two- and five-year fixed rates will be lowered by as much as 0.25%.
Exclusive range
- Selected exclusive purchase two- and five-year fixed rates will be cut by up to 0.15%, starting from 4.09%. These products will come with a free valuation for properties valued up to £3m.
- Selected large loan two- and five-year fixed rates will be lowered by up to 0.23%.
BARCLAYS
Existing products
- Residential purchase only premier two-year fixed at 75% loan-to-value (LTV) with a product fee of £899 will be lowered from 4.44% to 4.09%. It comes with a minimum loan of £5,000 and maximum loan of £2 million.
- Residential remortgage only two-year fixed at 85% LTV with a product fee of £999 has been cut from 5.32% to 4.85%. It comes with a minimum loan of £5,000 and maximum loan of £2 million.
- Great Escape five-year fixed at 85% LTV and no product fee will be lowered from 5.35% to 4.85%. It comes with a minimum loan of £50,000 and maximum loan of £2 million.
Purchase and remortgages
- Two-year fixed at 75% LTV and a product fee of £1,999 has been cut from 4.65% to 4.34%. It has a minimum loan of £2 million and maximum of £5 million.
Customer reward range
- Residential EMC Reward five-year fixed over 85% LTV has be reduced from 5.78% to 5.45%. It comes with a minimum loan of £1,000 and maximum of £2 million.
The new announcements come afterCo-operative bank for intermediaries, Coventry for intermediaries, Molo and LiveMore said earlier in the week that they will be raising rates or withdrawing products by the end of this week due to the uncertainty surrounding Bank of England interest rates.