Barclays Cuts Mortgage Rates, Accord Increases BTL Pricing
Barclays recently announced significant rate reductions on select residential mortgages, aiming to provide more attractive options for potential homebuyers. The changes include lowering the two-year fix at 75% LTV with a £999 fee from 4.9% to 4.7%. Additionally, the fee-free Great Escape product at the same tier will see a decrease from 5.2% to 4.95%. For existing borrowers looking to make a purchase, Barclays will cut the five-year fixed Premier product at 60% LTV with a £699 fee from 4.28% to 4.16%. The standard five-year fix at 60% LTV with an £899 product fee will also be reduced from 4.29% to 4.17%. Moreover, the standard two-year fixed remortgage with a £999 fee at 75% LTV will decrease from 4.9% to 4.7%, while the corresponding Great Escape option with no fee will fall from 5.2% to 4.95%. These adjustments are set to take effect from 27 March.
On the other hand, Accord Mortgages has unveiled rate increases to its buy-to-let (BTL) product transfer deals. The changes are scheduled to come into effect from 28 March, with the existing range being withdrawn at 8 pm on 27 March. Accord Mortgages will be implementing a 0.05% increase on two- and three-year fixed mortgage rates.
Industry Trends and Implications
The recent moves by Barclays and Accord Mortgages reflect the dynamic nature of the mortgage market. With Barclays reducing rates on select products, potential homebuyers may find it more appealing to explore their mortgage options. The adjustments made by Accord Mortgages in the BTL sector indicate a strategic shift in pricing strategies within the industry.
Looking Ahead
As the mortgage landscape continues to evolve, it is essential for consumers to stay informed about the latest developments in interest rates and product offerings. Keeping track of rate changes and market trends can help individuals make well-informed decisions when navigating the mortgage process.
