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Woolwich cuts fixed rates by up to 0.31%

Barclays is to cut the rates on its Woolwich fixed rate mortgages by up to 0.31 per cent and introduce a range of new tracker products.

The lender has cut a two-year fixed rate up to 70 per cent loan-to-value by 0.2 per cent from 2.98 per cent to 2.78 per cent and a two-year remortgage product up to 70 per cent LTV by 0.25 per cent from 3.74 per cent to 3.49 per cent.

The biggest cuts are taking place on the longer term fixed rate products with a five-year fixed rate mortgage up to 80 per cent LTV being cut by 0.3 per cent to 4.98 per cent. The equivalent five-year rate for customers who qualify for Barclays loyalty mortgages is reducing by 0.31 per cent to 4.78 per cent.

The lender is also launching two new two-year tracker products. At 75 per cent LTV, the rate is 1.79 per cent above base rate, and at 75 per cent the rate will be 1.99 per cent above base.

Barclays head of mortgages Andy Gray says: “With further falls to swap rates this month and the economic turmoil in Greece impacting rates, we are able to pass on cuts to borrowers across our mortgage range. We have introduced a competitive two year tracker to offer value in the market for those who are happy to see what happens to rates.”

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