Business · Companies · 15 hrs ago
Barclays cuts rates on some UK mortgages
Barclays will cut rates on some UK mortgages from Tuesday, November 3.
The changes cover residential purchase, remortgage and Reward mortgage deals, with the biggest reductions reaching 0.30 percentage points.
For example, its two-year fixed rate for buyers borrowing 60% of a property's value will fall from 5.40% to 5.10%.
Some selected purchase deals will now have rates below 5%.
Barclays is the first major lender to cut rates after the Budget, but the change does not prove the Budget caused it or that mortgage rates overall are falling.
Lower rates could help borrowers, while also putting pressure on rival lenders to offer more competitive deals.
Other lenders may reprice their mortgages this week, as they compete for borrowers ahead of a busy remortgage year.
Barclays is cutting rates on some UK residential mortgages from Tuesday, November 3.
The reductions cover purchase, remortgage and Reward mortgage ranges, with the largest cuts reaching 0.30 percentage points.
A two-year fixed rate for buyers with a 60% loan-to-value ratio is falling from 5.40% to 5.10%.
Selected purchases at 60% loan-to-value will have a rate of 4.95%.
Experts said the move could prompt competitors to reprice, but it does not guarantee a wider fall in mortgage rates.
- Who
- Barclays.
- What
- It is reducing rates on some residential purchase, remortgage and Reward mortgages.
- When
- From Tuesday, November 3, 2026.
- Where
- The UK.
- Why
- Experts said competition for borrowers may be a factor. The sources do not establish that the Budget caused the cuts.
This story does not have two clearly opposing sides.
Mirror reported that Barclays had announced mortgage rate cuts.
The new rates are due to take effect.
- Largest reduction
- 0.30 percentage points
- 60% LTV two-year fixed rate
- Falls from 5.40% to 5.10%
- 80% LTV two-year fixed rate
- Falls from 5.60% to 5.30%
- Selected purchase rate at 60% LTV
- 4.95%
What people are saying
Barclays has blinked first and now the fun starts.
Borrowers need breathing space and these cuts are a welcome start.
Lenders want your business, so expect some more repricing this week.
This is not a sign that mortgage rates are coming down, but more a sign …