Barclays cuts rates

Barclays reduced the rates on its Woolwich range of mortgages. The changes include:

The Loyalty 2 Year Fixed Rate (70 per cent LTV) will decrease by 0.19 percentage points from 3.18 per cent to 2.99 per cent

The 2 Year Fixed Rate (70 per cent LTV) will decrease by 0.10 percentage points from 3.28 per cent to 3.18 per cent

The 2 Year Fixed Rate (70 per cent LTV) for loans above £250,000 reduced from 3.08 per cent to 2.98 per cent

The Lifetime Tracker (70 per cent LTV) will decrease by 0.02 percentage points from Base + 1.99 per cent to Base +1.97 per cent

All other mortgage rates remain the same.

Laoiseach Lynch, head of mortgage products at Barclays said: “We’ve seen further decreases in swap rates in the last week which we have been able to reflect immediately in these rate changes for our customers. This is the third time we have cut our mortgage rates since early April, reflecting an increasingly competitive mortgage market.”