Barclays cuts mortgage rates

People seeking out cheap mortgages will be pleased to learn that Barclays has cut its mortgage rates again.

From tomorrow June 22nd mortgage rates on its Woolwich fixed home loans will be reduced by as much as 0.31 percentage points.

Its five-year loyalty mortgage used to offer a rate of 5.09 per cent but this has now been slashed to 4.78 per cent and is available on Loan to Value LTVs of up to 80 per cent.

Furthermore, the home loan comes with a fee of just £999.

However, if this is not what some consumers had in mind, the bank has cut rates on eight other fixed home loans and two tracker deals as well and introducing a couple of new products.

Meanwhile, the Financial Services Authority has revealed that the proportion of new lending done at an LTV of more than 90 per cent dropped below two per cent for the first time since Q1 last year.

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2011-06-21 13:03:49 © Moneyextra.com