Mortgages up at Barclays and Woolwich

10 May 2004
From the start of next month the variable mortgage rates offered by Barclays and Woolwich will increase 0.25 per cent.

The increase, following on from the Bank of England's similar rise, will push the rates up to 6.29 per cent. Changes will apply to both new and existing customers.

On average it is predicted the rise will cost the average homeowner with a £75,000 mortgage an extra £11 per month.

Saving rate increases are also scheduled for the same day, June 1st - with details set to follow later this month.

On May 6th the Barclays Tracker saving account increased by 0.25 per cent to 3.5 per cent. It is one of the few accounts out there which track the base rate on the same day as changes are made to it.