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Barclays reduces tracker and fixed mortgage rates

Barclays is cutting rates on its Woolwich fixed mortgages by up to 0.31% and introducing new trackers to the range tomorrow.

Barclays has cut its two-year fixed rate mortgage up to 70% LTV by 0.20% from 2.98% to 2.78%.

The two-year fixed rate Great Escape remortgage package is reducing from 3.74% to 3.49%.

The biggest cuts are taking place are on the longer term fixed rate products with the five-year 80% LTV deal reducing by 0.30% to 4.98%. The equivalent five-year rate for customers who qualify for Barclays loyalty mortgages is reducing by 0.31% to 4.78%.

Alongside this, two new two-year tracker mortgages are being launched. At 70% LTV the rate will be 1.79 above base rate (currently 2.29%) with an application fee of £999, and at 75% LTV it will be 1.99% above base rate.

Both revert to a tracker of 2.99% above base, currently 3.49% after the two years.

Andy Gray, head of mortgages for Barclays, says: “With further falls to swap rates this month and the economic turmoil in Greece impacting rates, we are able to pass on cuts to borrowers across our mortgage range. We have introduced a competitive two year tracker to offer value in the market for those who are happy to see what happens to rates. With Switch and Fix, this gives borrowers the best of both worlds – a cheap tracker with the ability to fix when the time is right for them.”



Foreign interest

The recession affected purchases of homes abroad, but enquiries are on the rise again as many countries are offering low interest rates and bargain prices. So brokers need to be aware of potential opportunities in this market and be ready to advise clients



There’s room in the market for long-term fixes but the main action still centres on two years. And Barclays will pay interest on PPI claims with the money going direct to borrowers rather than claims firms


60 Seconds with…Kristina Grimes

Kristina GrimesBusiness development directorSpicerhaart Why did you join Spicerhaart earlier this year?In an uncertain economic climate it is great to see a company investing in its people, products and systems to provide better service for clients. Any business investing now is a pleasure to work for as most are cutting back. What is the future […]


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