Barclays has today extended its drop lock facility to all existing Woolwich mortgage customers who have taken out tracker deals.
The switch & fix allows all existing and new customers on a Woolwich tracker mortgage to switch any current Woolwich fixed rate mortgage deal with no early repayment charge.
It was introduced for new tracker customers in July 2010 but has now been extended to all tracker customers.
Customers are free to switch to any product in the prevailing range of fixed rates including, for qualifying current account customers, Barclays loyalty mortgages.
Barclays head of mortgages Andy Gray says: “This is the right time to extend the Switch & Fix service to all our customers because it’s still uncertain when and how quickly interest rates will go up. It underlines our strategy of offering value to our existing customers and making it easy and transparent for them to switch onto a fixed rate at the time they decide it is most appropriate for them.
“We know base rate is low now, so many people want to make the most of that with a tracker mortgage, but if rates go up at some point, that’s when a fixed rate with set repayments will be valued.”