Mortgage price wars heat up as Barclays slashes interest rates AGAIN to 'market leading' levels – full list of cuts

The rate changes will take effect from Tuesday March 4, as part of a broader range of reductions across Barclays' mortgage products.

Barclays is now offering their five-year fixed Green Home mortgage at just 3.96 per cent - the lowest five-year fixed rate on the market.

The new Green Home mortgage is available to customers purchasing energy-efficient new-build properties directly from builders or developers.

These properties must have an energy efficiency rating of 81 or above, or fall within energy efficiency bands A or B.

Barclays is also reducing rates by as much as 0.48 per cent in some cases, with its two-year fixed mortgage with no product fee at 90 per cent LTV now available at 4.93 per cent.

The bank has simultaneously increased the maximum loan amount for 90 per cent Loan-to-Value purchases. For houses, the cap has risen from £570,000 to £640,000 and for flats, the maximum loan amount has increased from £275,000 to £310,000.

These changes represent a significant boost for first-time buyers and those with smaller deposits looking to get onto the property ladder.

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All these rate reductions and loan amount increases will come into effect from tomorrow, March 4.

Sian McIntyre, Managing Director of Mortgages and Savings at Barclays, said: "With bills and costs rising, we know how challenging homebuyers are finding things right now.

"We've introduced several rate drops already this year across our mortgage range, making a real difference in affordability, and we're delighted to announce more rate cuts.

"This includes bringing our Green Home mortgage even further below four per cent, making it the lowest five-year fixed rate available on the market."

Rachel Springall, a finance expert from Moneyfactscompare.co.uk warned: A "headline-grabbing rate is exciting, but it is essential for borrowers to assess the whole package of any deal before they commit.

"Some deals are also exclusive to certain customers, so it’s wise for borrowers to seek independent advice to navigate all the options available to help save them time and hassle.”

Full list of Barclays' existing product decreases for residential purchases only:

• 4.21 per cent Premier 2 Yr Fixed £899 product fee - 60 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.10 per cent
• 4.22 per cent 2 Yr Fixed £899 product fee - 60 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.11 per cent
• 4.11 per cent 2 Yr Fixed £0 product fee - 60 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.36 per cent
• 4.33 per cent Premier 2 Yr Fixed £899 product fee - 75 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.24 per cent
• 4.34 per cent 2 Yr Fixed £899 product fee - 75 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.25 per cent
• 4.35 per cent 2 Yr Fixed £0 product fee - 75 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.45 per cent
• 4.52 per cent 2 Yr Fixed £899 product fee - 85 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.49 per cent
• 4.69 per cent 2 Yr Fixed £0 product fee - 85 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.63 per cent
• 5.00 per cent Premier 2 Yr Fixed £899 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.73 per cent
• 5.01 per cent 2 Yr Fixed £899 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.74 per cent
• 5.41 per cent 2 Yr Fixed £0 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.93 per cent
• 4.85 per cent 2 Yr Fixed £1999 product fee - 85 per cent LTV - Min loan £2m - Max loan £5m - will decrease to 4.72 per cent
• 5.49 per cent 5 Yr Fixed £0 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.74 per cent
• 5.41 per cent 2 Yr Fixed £0 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.93 per cent
• 4.29 per cent 5 Yr Fixed £899 product fee - 60 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.16 per cent
• 4.29 per cent 5 Yr Fixed £0 product fee - 75 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.19 per cent
• 4.36 per cent 5 Yr Fixed £899 product fee - 75 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.19 per cent
• 4.36 per cent 5 Yr Fixed £899 product fee - 85 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.36 per cent
• 4.69 per cent 5 Yr Fixed £899 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.57 per cent
• 4.74 per cent 5 Yr Fixed £0 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.62 per cent
• 4.79 per cent 5 Yr Fixed £1999 product fee - 85 per cent LTV - Min loan £2m - Max loan £5m - will decrease to 4.76 per cent
• 4.31 per cent Green Home 2 Yr Fixed £0 product fee - 60 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.26 per cent
• 4.51 per cent Green Home 2 Yr Fixed £0 product fee - 75 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.35 per cent
• 5.13 per cent Green Home 2 Yr Fixed £0 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.89 per cent
• 4.89 per cent Green Home 5 Yr Fixed £899 product fee - 60 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.39 per cent
• 4.96 per cent Green Home 5 Yr Fixed £899 product fee - 75 per cent LTV - Min loan £5k - Max loan £2m - will decrease to 4.09 per cent
• 5.45 per cent Green Home 5 Yr Fixed £0 product fee - 90 per cent LTV - Min loan £5k - Max loan £640K - will decrease to 4.52 per cent
• 5.45 per cent Mortgage Guarantee 2 Yr Fixed £0 product fee - 95 per cent LTV - Min loan £25K - Max loan £570K - will decrease to 5.28 per cent
• 5.23 per cent Mortgage Guarantee 5 Yr Fixed £0 product fee - 95 per cent LTV - Min loan £25K - Max loan £570K - will decrease to 5.03 per cent

Barclays' rate cuts follow similar moves by other major lenders responding to the Bank of England's base rate reduction to 4.5 per cent.

On Friday, Nationwide Building Society reduced some of the rates it is offering down to 3.99 per cent, to existing customers looking to move to a new deal and to new customers looking to remortgage.

Nationwide’s new rates include a “switcher” mortgage for existing customers coming to the end of their current mortgage deal at 3.99 per cent, for a five-year term. Borrowers will need a 40 per cent deposit and a £999 fee will apply.

There is also a 3.99 per cent rate for five years from Nationwide for borrowers with a 40 per cent deposit who are looking to remortgage. That deal has a £1,499 fee.

HSBC has also reduced rates across its range, with pricing starting from 3.98 per cent in some cases.