Barclays cut their fixed rate mortgage costs.

A Barclays fixed rate mortgage will now cost you 0.20% less.

The lender has announced that it is reducing various 2 year fixed rate mortgage deals including NewBuy, and introducing new offers to its range.

The announced changes include Barclays 2 year fixed Great Escape remortgage rate which has been cut from 3.89% to 3.74% for up to 70% loan to value. It it hoped that this will help mortgage-holders currently sitting on less competitive standard variable rates to save money

Other changes announced to the fixed rate mortgage range include a reduction of 0.2% on the 2 year fixed rate for 60% loan to value which has been reduced from 3.49% to 3.29%, and for 70% loan to value the rate offered has been reduced from 3.59% to 3.39%.

Further reductions have been announced including a cut to the rate offered for 80% loan to value which has been cut by 0.1% and is now available at 3.69%. Barclays NewBuy fixed rate has also been reduced from 6.09% to 5.89% and offers an additional saving in the form of a £500 application fee reduction, fees are now charged at £499.

As well as rate reductions Barclays has also added a further two mortgages to its range. An offset fixed for 2 years is offered for loans in excess of £500,000 at base plus 2.49% for 65% loan to value and a 2 year fixed rate for the same loan to value is offered at 2.99%. Both deals have a £1,999 mortgage application fee.

Andy Gray, Barclays head of mortgages said the Great Escape remortgage allows home-owners to switch to Barclays with free legal work, £300 cashback, no application fee and a free valuation.

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