Barclays to cut mortgage rates

Competition in the mortgage market has been stepped up as Barclays announced it is cutting a raft of rates in its fixed deal range.

The bank, which is working to rebuild its customer reputation following its Libor-fixing scandal, said it will lower six of its deals on offer by up to 0.3% from Wednesday. The new fixed deals include a market-leading two-year mortgage at 3.29% with no application fee, although customers will need a sizeable 30% deposit to take it up.