Woolwich cuts mortgage rates by up to 0.30%

Woolwich, the mortgage arm of Barclays, is making cuts of up to 0.30% on its trackers, two-year fixed rates and offset mortgages.

The new mortgages will be available from 17 April and include a lifetime tracker currently at 2.94%, a special offset deal at 2.99% and a two-year fixed rate at 3.69%.

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

The tracker rate at 60% loan to value is 2.44 above base – currently 2.94%, a drop of 0.30 percentage points.

At 70% loans the rate is cut by 0.25% to 3.24%. The two-year fixed rate has been cut by 0.20% points to 3.69% for loans of 60% and for 70% loans it has been cut by 0.30% to 4.09%.

Andy Gray, head of mortgages for Barclays, says: “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.