Barclays slashes its mortgage rates

Barclays has announced it will be introducing a new range of home loans with competitive fixed mortgage rates and lower fees.

From tomorrow May 5th, existing Barclays customers will have the chance to take out a three year fixed deal with a 70 per cent LTV with mortgage rates of just 3.99 per cent and an application fee of £499.

However, alongside that new product, the bank has also unveiled a three year fixed rate of 4.68 per cent for homeowners seeking an LTV of 80 per cent.

On top of these new deals, Barclays will introduced cuts to its existing mortgage rates on a number of products.

"The cuts ... should give a welcome boost to homeowners at this crucial time of year for the housing market, giving those borrowers who are concerned about when and how quickly base rate will rise the security they need by way of longer term fixed rates," commented Andy Gray, head of mortgages for Barclays.

Recently, Steve Turner, head of communications at the Home Builders Federation, said that mortgage finance is the key factor holding back the new homes sector.

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2011-05-04 13:33:55 © Moneyextra.com