Barclays will today introduce a five-year fix at 3.71% for those buying their home with a 40% deposit. The deal will come with an £899 fee, and is cheaper than Nationwide’s 3.74% five-year fix, launched yesterday.
An even cheaper option at 3.7% is available but only for premier customers of the bank. Brokers said that lenders were “gently easing pricing as they compete for business.”
Nationwide still offers the cheapest two-year deal on the market at 3.89%.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: “No sooner does one lender offer a sub-3.75% five-year fix, then another joins the fray, with Barclays launching a market-leading 3.71%.
“The clear direction of traffic for mortgage rates is downwards, with lenders gently easing pricing as they compete for business.
“We don’t expect any dramatic reductions going forward but nevertheless, subtle improvements in rates will make life easier for borrowers.”
While neither Barclays nor Nationwide currently lend on The Rock, it is a positive sign that major UK landers expect to see the Bank of England reduce rates further at the end of this year.
In addition, many of Richardsons' clients have investments in the UK and it could now be time to look at financing options across an entire portfolio.
If you are looking for mortgage advice in Gibraltar or the UK, contact us now as we'll be able to put you in touch with experts in the field who can get the best rates for you.