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Barclays cuts offset mortgages by up to 0.5%

Barclays is cutting its range of Woolwich offset mortgages by up to 0.5 per cent.

The largest cut is at 75 per cent loan-to-value, from 3.29 per cent to 2.79 per cent above base rate. At 70 per cent LTV, the rate has been reduced to 2.48 per cent above base rate from 2.59 per cent.

Its range of offset trackers have also been reduced, with the lowest rate now 2.28 per cent above base, down from 2.39 per cent at 70 per cent LTV.

Barclays head of mortgage products Laoiseach Lynch says: “Offsetting is the most tax efficient way to manage both savings and a mortgage so it makes sense for borrowers to look at these options. Also, the added benefit of repaying your mortgage earlier could save you money in the long run, which is good news in any economic climate.”

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