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Barclays increases rates on fixed deals

Barclays is increasing rates across a number of its Woolwich branded fixed rate mortgages in a bid to manage demand.

Affected products include its two-year fix at 80% LTV with a £999 fee, which has gone up from 3.48% to 3.79%, and its two-year fix at 70% LTV from its Great Escape range, which has increased from 3.74% to 3.99%.

The lender has also launched a number of new products and reduced rates on two of its buy-to-let deals by 0.1%.

Its buy-to-let lifetime tracker at 60% LTV has been reduced from base plus 3.49% to base plus 3.39%.

The changes take effect from tomorrow.

A spokeswoman for Barclays says: “These changes support our continued focus to provide well-priced mortgages in an ever-changing competitive environment.

“Competitor movements have resulted in strong demand for our products which means that we need to actively manage levels of business to ensure we meet our desired levels of service.”

Last week Barclays reduced its funding tranches via intermediaries in an effort to control demand.

The spokeswoman says the restrictions have not yet been lifted.

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