Woolwich cuts rates on high LTV mortgages
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Barclays is reducing rates on its Woolwich mortgages by up to 0.70% from Wednesday.
This follows the announcement earlier this month that Barclays is offering 90% LTV lending for customers buying a new Bovis Homes property.
The key reductions this week include a cut of 0.70 percentage points on a two-year fixed rate mortgage, up to 80 per cent LTV from 5.29% to 4.59%, a reduction of 0.60 percentage points on a three-year fixed rate, up to 80 per cent LTV from 5.49% to 4.89% and a cut of 0.40 percentage points for mortgages up to 85% LTV from 6.19% to 5.79%.
All deals come have a £999 application fee. Two other fixed rate deals are being reduced at the 75% LTV tier and there will be a slight increase on the five-year fixed for loans up to 70% LTV.
Andy Gray, head of mortgages for Barclays, says: “The improvement to the highest loan to value products will be welcomed by those with smaller deposits, but who still need the certainty of a fixed rate giving a measure of protection from future base rate increases for those who need it most.”
All fixed rate mortgages revert to a lifetime tracker rate at base plus 2.49% after the fixed rate period.
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Readers' comments (1)
Mike Fitzgerald | 21 Jun 2010 1:28 pm
This latest move by Barclays to lower rate on high Loan to value deals is a major step in the right direction.this move by a large player in the mortgage business will now put pressure on other lenders to follow suit.this will then start to help buyers to get on to the housing ladder
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