Birmingham Live: Barclays introducing new mortgage rules 'starting from Friday':

Barclays has just announced a series of material mortgage rate cuts.

The high street banking giant has explained: we are pleased to confirm that we are reducing rates on a selection of products in our Residential Purchase, Remortgage and Reward ranges, effective from tomorrow, Friday, 17th May. 

Harps Garcha- Director at Brooklyns Financial, told Newspage: "After this morning's grim mortgage repossession data from the Ministry of Justice, rate reductions like this will be a beacon of hope for many borrowers. With Barclays taking the lead and making substantial reductions, it's a welcome relief to witness some of the financial strain lifted. This is potentially a pivotal moment where the domino effect of one lender's positive action could inspire more widespread cuts across in the industry, offering a much-needed respite for those grappling with mortgage payments."

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