Woolwich cuts high LTV interest rates
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Barclays is reducing the rates on its Woolwich mortgages by up to 0.7 per cent from Wednesday 23 June.
The key reductions include a cut of 0.7 per cent on a two-year fixed rate mortgage, up to 80 per cent loan-to-value, from 5.29 per cent to 4.59 per cent. It has also cut the rate of a three year fixed rate, up to 80 per cent LTV, from 5.49 per cent to 4.89 per cent and has also cut 0.40 per cent off mortgages up to 85 per cent LTV from 6.19 per cent to 5.79 per cent.
All the deals have a £999 application fee.
However, there will be a slight increase on the five year fixed for loans up to 70 per cent LTV.
Barclays head of mortgages Andy Gray says: “The improvement to the highest loan to value products will be welcomed by those with smaller deposits, but who still need the certainty of a fixed rate giving a measure of protection from future base rate increases for those who need it most.”
All fixed rate mortgages revert to a lifetime tracker rate at base plus 2.49 per cent after the fixed rate period.
The tracker mortgage range’s rates will be maintained at current levels. The offset range for loans up to 70 per cent LTV also continues to be maintained at its present rates and a new 75 per cent LTV product at base plus 2.99 per cent is added.
Earlier this month, Woolwich launched a new mortgage available exclusively to people buying a new home with Bovis Homes as part of an effort to stimulate the new build market and to accommodate those with low deposits.
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