Woolwich slashes its fix and track rates

Woolwich has slashed rates below 4% for borrowers looking to fix for two, three or four years.

It’s reduced its two-year fix and track mortgage from 4.39% to 3.89%, a reduction of 0.5% points

It’s also reduced its three year fixed rates have been by 0.7% points from 4.69 per cent to 3.99%.

At the end of the fixed period all fixed rate mortgages revert to a tracker rate of 1.49% above base for the remaining life of the mortgage.

The lender has also launched a new range of four year fixed rate mortgages designed purely for home purchase.

For buyers with a deposit of 20%, the rate will be fixed at 4.99% for four years with the same follow-on rate of 1.49% above base for the remaining life of the mortgage. The rate is fixed at 3.99% for mortgages with a 40% deposit.

Chris Keane, head of mortgage products for Barclays, says: “While a large percentage of our customers are remortgagers, we have acknowledged the needs of buyers at this time with the dedicated purchase-only deal designed specifically to meet the requirements of this group.

“The rate is fixed for four years to match the average term of tenure in a first property and, at under 5% for up to 80% LTV, looks very attractive.”