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Barclays to slash rates for the fourth time in six weeks

Barclays is tomorrow cutting rates on Woolwich fixed and tracker mortgages by up to 0.21, the fourth time that it’s reduced rates over the last six weeks.

The largest cuts will be to its range of two and three-year fixed rates at 70% LTV, with its two-year fix reducing from 3.18% to 2.98% with a £999 fee and a three-year deal reducing from 3.99% to 3.78% with a £499.

At the same time its lifetime tracker available up to 75% LTV is being cut by 0.19% from base +2.57% to base +2.38% with a £999 application fee.

Barclays is also reducing its Great Escape remortgage range, with its 75% LTV two-year fixed rate deal cut from 4.19% to 4.04% and the lifetime tracker at 75% LTV is cut from 2.69% to 2.57%. For borrowers who want to opt for their own solicitor, the range is now available with £375 cashback to help with legal costs, in place of the free legal work available on Great Escape deals.

Andy Gray, head of mortgages at Barclays, says: “We have been continually cutting rates since early April in response to falling swap rates and the competition in the market, with some rates having decreased by up to 52 percentage points since then.

“Our lifetime trackers are proving popular at the moment because of the longer than anticipated low base rate environment but mid-term fixed rates are also attracting attention from those who want the certainty of fixing their payments now.”

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