Consumers urged to use Woolwich fixed rate mortgages as protection

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Consumers urged to use Woolwich fixed rate mortgages as protection

People should protect themselves from rises in the base rate by signing up for a Woolwich fixed rate mortgage, according to a source from Barclays.

Andy Gray, head of mortgages at Barclays, pointed out that many borrowers will have breathed a sigh of relief when the base rate was not raised at the beginning of April, but it is not clear how long it will continue at 0.5 per cent.

He urged people to sign up for a deal from the Woolwich fixed rate mortgage range, which have just had their interest rates cut by up to 0.32 percentage points.

"The cuts today are about jump-starting thousands of borrowers to take action as their mortgage payments will be impacted when the base rate starts to rise," said Mr Gray.

Earlier this month, Barclays announced that Woolwich offset mortgages had their interest rates reduced by up to 0.5 percentage points, which could save consumers money in monthly payments, as well as cut the number of years the arrangement takes to pay off.

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