Barclays cuts lowest mortgage rates

Barclays has once again shown its commitment to offering cheap mortgage rates by cutting some of its leading products by up to 0.34 per cent.

The lender's lowest tracker rate mortgage, the loyalty lifetime tracker, has been reduced by 0.31 per cent to 2.17 per cent for customers who hold an account with the bank.

New customers who take out the loyalty lifetime tracker will receive a reduction of 0.10 per cent on the current 2.99 per cent rate.

Andy Gray, head of mortgages for Barclays, said: "On top of these reductions in our most popular rates, we continue to offer a drop-lock facility to all new tracker and offset customers. Switch & Fix gives these customers the flexibility of a low tracker rate now and the option to switch to a fixed rate in the future."

Barclays has also cut the mortgage rates on its five-year fixed-rate products by 0.15 per cent to 4.29 pre cent for loyalty customers and to 4.49 per cent for those who opt for the standard product.

The company launched its new loyalty mortgages, which reward existing customers, on September 1st. 

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2010-09-22 10:55:44 © Moneyextra.com