The i - Barclays launches five-year fix below 4 per cent as mortgage rate war begins
A mortgage price war has begun as Barclays has followed Santander in cutting rates to below 4 per cent with more lenders expected to follow.
Barclays has launched a five-year fixed deal for 3.99 per cent for those purchasing with 40 per cent deposit or equity. It will be available tomorrow (13 February) and has a product fee of £899.
Aaron Strutt of brokers Trinity Financial said: “It was only a matter of time before one of Santander’s competitors reacted by bringing out a 3.99 per cent rate as well but even by the fast paced mortgage market standards this is a pretty swift response from Barclays.
“The shame of it is that lenders can clearly offer cheaper rates but they hold off until one of their rivals offers a cheaper deal.
“We will probably get better mortgage deals on the back of Barclays rate cuts now.”
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