Woolwich mortgages cut tracker and fixed rates

Woolwich mortgages cut tracker and fixed rates

07 April 2010 / by Rachael Stiles

Woolwich mortgages from Barclays will have their rates cut from today, by an average 0.3 per cent, on fixed and tracker mortgage deals.

The new range of Woolwich mortgages includes a lifetime tracker at 2.49 per cent with a 70 per cent loan to value, rate cuts of up to 0.60 per cent on its two year fixed rate mortgage making it 3.69 per cent with a 70 per cent LTV, and a reduction of 0.5 per cent of a three year fixed rate mortgage with giving it a rate of 3.99 per cent and an LTV of 70 per cent.

The largest reductions at the Woolwich are happening on its 75 per cent loan to value deals.

A two year fixed rate of 3.69 per cent is available up to 75 per cent LTV, with a fee of £999, or a rate of 3.89 per cent with a fee of £199 on minimum loans of £50,000.

Commenting on the new rates, Andy Gray, head of Barclays mortgages, 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."

He added: "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% loan to value feature the biggest ever rate cuts at this level."

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