Woolwich cuts rates again

The new mortgages available from 17th April feature some market leading rates and include a lifetime tracker currently at 2.94 per cent, a special offset deal at 2.99 per cent and a two year fixed rate at 3.69 per cent.

The 2.99 per cent offset deal (base +2.49 per cent) is for loans above £200,000, in addition to the current best buy offset with no minimum amount which has been cut by 0.25 per cent to 3.24 per cent.

The tracker rate at 60 per cent loan to value leads the high street banks, they say, at 2.44 above base - currently 2.94 per cent - a drop of 0.30 percentage points. At 70 per cent loans the rate is cut by 0.25 per cent to 3.24 per cent. The two year fixed rate has been cut by 0.20 percentage points to 3.69 per cent for loans of 60 per cent and for 70 per cent loans it has been cut by 0.30 per cent to 4.09 per cent.

Andy Gray, Head of Mortgages for Barclays said: "We have made a number of changes to short term fixes and tracker mortgages despite the cost of funding fixed rates rising recently. These are fantastic rates at a time when there is more activity in the mortgage market. Our attractive pricing allows customers to choose the certainty of a fixed rate or take advantage of cheaper trackers. In addition, offset mortgages are growing in popularity as savers, with a mortgage, take advantage of the much better returns they deliver in a low interest rate world."

Woolwich fixed rates continue to revert to base +1.49 per cent for the remaining term of the mortgage. This means customers coming to the of a fixed rate deal will have the choice of remaining on this tracker rate, or choosing another fixed rate from the range available at the time; all Woolwich new business rates are also available to existing customers.