Barclays is cutting the rates on its Woolwich fixed and tracker rate mortgages. It’s the fourth reduction in six weeks.
The new rates include a two year fixed rate deal at 2.98 per cent (maximum 70 per cent loan to value) and a lifetime tracker at 2.38 per cent above base (maximum 75 per cent LTV).
The majority of the fixed rate range will see reductions with the largest cuts taking place on the popular two- and three-year fixed rates available up to 70 per cent loan to value (LTV). The three year deal is reducing from 3.99 per cent to 3.78 per cent with an application fee of £499, and the two year from 3.18 per cent to 2.98 per cent with a fee of £999. The equivalent two year rate for customers who qualify for Barclays loyalty mortgages is reducing by 0.10 percentage points from 2.99 per cent to 2.89 per cent. For borrowers who want to opt for a lower fee of £199, the two year rate will be cut from 3.99 per cent to 3.79 per cent.
At the same time the lifetime tracker available up to 75 per cent LTV is being cut by 0.19 percentage points from base +2.57 per cent to base +2.38 per cent with a £999 application fee. The equivalent rate on the loyalty range has been cut by base + 2.39 per cent to base +2.28 per cent. The lifetime tracker at base +1.97 per cent remains available.
Andy Gray, head of mortgages for Barclays, said: “We have been continually cutting rates since early April in response to falling swap rates and the competition in the market, with some rates having decreased by up to 52 percentage points since then. Our lifetime trackers are proving popular at the moment because of the longer than anticipated low base rate environment but mid-term fixed rates are also attracting attention from those who want the certainty of fixing their payments now.”
