Woolwich, the lending arm of Barclays, has cut the rates on almost a third of its fixed rate mortgages by up to 0.7 percentage points as well as re-launching a competitive lifetime tracker.
The move means that customers can now sign up to a mortgage fixed at just 4.39 per cent for two years or at 4.69 per cent fixed for three years. This represents a reduction of 0.6 percentage points for both products.
Alternatively, at 70 per cent loan to value the rates have come down to 4.99 per cent fixed for two years or three years, a cut of 0.5 and 0.7 percentage points respectively. All Woolwich fixed rate mortgages revert to a tracker following the end of the fixed rate period, tracking 1.49 percentage points above base rate for the remaining life of the mortgage.
Woolwich has also launched a new Lifetime Tracker at 1.99 percentage points above base for mortgages up to a 60 per cent loan to value with a £995 fee. At 70 and 80 per cent maximum loan to value, the lifetime tracker is available at 2.29 and 2.99 percentage points above base respectively.
The unique one year fix and track mortgages launched two weeks ago at 3.99 per cent remains available but with the new feature of a drop lock option allowing customers to switch to any other Woolwich fixed rate mortgage after the first year without incurring an early repayment charge.
Andy Gray, head of mortgages for Barclays said: “We’re constantly reviewing our mortgage portfolio to ensure our customers receive the best deal for their circumstances, which is especially important during this time of economic uncertainty. Our attractive pricing addresses this by allowing customers to choose the certainty of a fixed rate, or take advantage of possible future base rate adjustments with a Lifetime Tracker.”
