Barclays cuts its mortgage rates

Barclays has slashed its mortgage rates once again in order to make home loans more affordable.

With effect from tomorrow, the bank will reduce rates on Woolwich fixed and tracker mortgages by as much as 0.21 percentage points.

The new rates include an extremely competitive two year fixed rate deal at 2.98 per cent on maximum LTVs of 70 per cent and a lifetime tracker at 2.38 per cent above base, offered on maximum LTVs of 75 per cent.

Barclays has said it is cutting mortgage rates on "the majority" of its fixed range, paying particular attention to its two and three-year products.

Andy Gray, head of mortgages for Barclays, said: "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."

Meanwhile the Land Registry has revealed that house prices increased by 0.8 per cent in April.

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2011-06-01 16:04:20 © Moneyextra.com