Woolwich cuts fixed and tracker rates

The new range includes a lifetime tracker at 2.49 per cent [Barclays base rate + 1.99 per cent, 70 per cent LTV], rate cuts of up to 0.60 per cent on its 2 year fixed rate to 3.69 per cent [75 per cent LTV], and a reduction of 0.50 per cent on its 3 year fixed rate to 3.99 per cent [70 per cent LTV].

Andy Gray, head of mortgages at Barclays said: "Easter is one of the busiest times of year for the housing market and with more people looking for mortgages, the substantial cuts to mortgage rates are giving people the right mortgage at the right time.
"We are also seeing a trend in the market for lower rates and more competition so our tracker rates are really strong for those who want to take advantage of the low base rate. For those who need the security of a fixed rate, the two year deals at 75 per cent loan to value feature the biggest ever rate cuts at this level."
The one year lifetime tracker [2.49 per cent] available up to 70 LTV has a £1,499 fee and the early repayment charge is 1 per cent for 2 years. The 2 year fixed rate at 3.69 per cent for 75 per cent LTV has a £999 fee or 3.89 per cent with a £199 fee and minimum mortgage of £50,000. The 3 year fixed rate at 3.99 per cent has a £999 fee, a 4.29 per cent option is available with a £199 fee for mortgages above £50,000.
The mortgages are available at the same rates to both direct branch customers and via intermediaries.