Woolwich cuts mortgage rates

For customers looking to fix their mortgage rate, the cuts mean they can sign up for two years at 3.69 per cent (a reduction of 0.40 percentage points for loans up to 70 per cent loan to value) and 4.99 per cent for loans up to 80 per cent loan to value (a reduction of 0.70 percentage points).
Alternatively, a three year fixed rate is available at 3.99 per cent for loans up to 70 per cent - a reduction of 0.50 percentage points.

The market-leading offset tracker is cut by 0.50 percentage points to 2.49 per cent (base +1.99 per cent) for loans above £200,000 up to 60 per cent loan to value. In addition to this, the current best buy offset deal remains available priced at 3.24 per cent (base +2.74 per cent) with no minimum amount.

Andy Gray, Head of Mortgages for Barclays, said: "Last month we pledged to increase lending to homeowners by £5.5bn and now we are launching even better mortgage rates to our customers. Our attractive pricing addresses all customers' requirements: those who want the certainty of a fixed rate or others who are thinking holistically about their financial situation by looking for offset options. Our latest offset deal is not only the lowest offset rate on the market, it's also lower than most lifetime trackers which is a win/win solution for borrowers."

"The trend for offsetting is increasing as we are seeing homeowners cut back on their spending and focus more on saving. The top priority of many in the current climate is to keep those savings accessible. However, with interest rates at a historical low, there is also the opportunity to make big savings on mortgage repayments."

More information on the full range of Woolwich mortgages is available at barclays.co.uk/mortgages

New range Woolwich, the lending arm of Barclays, is cutting the rates on more than half of its mortgage range by an average of 0.35. Two, three, four and five year fixed rates and offset tracker mortgages are included in the cuts.