The Woolwich and Barclays launch lifetime tracker mortgage

The Woolwich and Barclays are launching a tracker mortgage on April 23 that allows borrowers to track the base rate at plus 0.04% for two years and then it reverts to a guaranteed lifetime tracker at 0.95% above base rate.

Andy Gray, head of mortgages for The Woolwich and Barclays, says: “The new tracker mortgage has been launched for borrowers who want to get one of the best mortgage deals in the market.

“With homeowners anticipating extra pressure on them over the next couple of years with interest rates predicted to rise gradually, we are providing them with a cheap deal which reduces their payments in the short term and then gives them a guarantee for the life of the loan which could save them as much as £20,000.”