Cheaper mortgages available with Woolwich fixed rates

Barclays is reducing rates on its Woolwich mortgages by up to 0.7 per cent from Wednesday June 23rd, it has been announced.

A two-year fixed-rate deal will fall from 5.29 per cent to 4.59 per cent for buyers with 80 per cent loan-to-value, with a three-year product falling from 5.49 per cent to 4.89 per cent.

Cheaper mortgages will also be available for consumers with 85 per cent loan-to-value as rates are being reduced from 6.19 per cent to 5.79 per cent.

All the deals come with a £999 application fee and revert to a lifetime tracker rate at base-rate plus 2.49 per cent after the fixed period.

Andy Gray, head of mortgages for Barclays, said: "The improvement to the highest loan to value products will be welcomed by those with smaller deposits, but who still need the certainty of a fixed rate giving a measure of protection from future base rate increases for those who need it most."

The Woolwich was bought out by Barclays in 2000, with the company branding retained following the acquisition.

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2010-06-22 09:33:27 © Moneyextra.com