Barclays introduces change to mortgages that's a 'bold' decision

James Rodger
·2-min read
The high street banking giant has introduced a new mortgage rate for customers and borrowers, in a major Cost of Living shake up for those who are paying off their bills.
-Credit: (Image: Reach Publishing Services Limited)


Barclays has introduced a major change to mortgages in a "bold" decision. The high street banking giant has introduced a new mortgage rate for customers and borrowers, in a major Cost of Living shake up for those who are paying off their bills.

Mark Arnold, Barclays' head of mortgage and savings, said: "I'm delighted we're able to decrease core mortgage rates again, after what has been a very volatile period in the swap markets. As we have done during the course of this year, when we see an opportunity in the swap markets we will act swiftly to pass on the benefit to our mortgage customers."

Nicholas Mendes, mortgage technical manager at John Charcol, has reacted to the mortgage rate change and said: "Barclays has made a bold move as the first high street lender to cut mortgage rates in response to recent market changes.

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"With swap rates easing over the past couple of days, it's great to see a lender acting quickly to reflect the slightly improving conditions. Some standout reductions include the two-year fixed at 90% loan-to-value (LTV) with no product fee, dropping from 5.49% to 5.39%."

He went on to say: "While these reductions won't change the world, they do offer a bit of breathing room for borrowers, especially after the recent trend of rising rates among high street lenders. This could also signal the potential for more repricing across the market if conditions remain stable.

"It's a small but positive step in the mortgage landscape, bringing a glimmer of hope to those navigating the current borrowing climate." On its website, Barclays says: "Whether you’re buying, moving or improving your home, we can help. Discover everything you need to apply for or manage a mortgage."

The high street bank is rivalled by HSBC, Santander, Lloyds, NatWest and more.

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