Woolwich cuts fixed and tracker rates

The new range includes a lifetime tracker at 2.49% [Barclays base rate + 1.99%, 70% LTV], rate cuts of up to 0.60% on its 2 year fixed rate to 3.69% [75% LTV], and a reduction of 0.50% on its 3 year fixed rate to 3.99% [70% 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% loan to value feature the biggest ever rate cuts at this level."

The one year lifetime tracker [2.49%] available up to 70 LTV has a £1,499 fee and the early repayment charge is 1% for 2 years. The 2 year fixed rate at 3.69% for 75% LTV has a £999 fee or 3.89% with a £199 fee and minimum mortgage of £50,000. The 3 year fixed rate at 3.99% has a £999 fee, a 4.29% 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.