Fixed-rate mortgages cut by Barclays
www.moneynews.co.uk > Mortgages > Fixed-rate mortgages cut by Barclays
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Money News |
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Fixed-rate mortgages cut by Barclays
Tue 23rd Aug 2011
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Representing an eighth consecutive rate reduction, 60 per cent of the bank's home loan products from the Woolwich will be affected, potentially offering savings to many of its existing customers as well as new ones draw in by the offers.
"The mortgage market continues to be fiercely competitive which has been driven by falling swap rates," explained Andy Gray, head of mortgages for Barclays.
He added that this represents "good news for borrowers as they have the opportunity to fix at a lower rate than they may currently be paying", sheltering them from any future rate increase.
The bank will also reduce LTV rates by up to 0.8 percentage points on three and five-year deals, allowing people with lower deposits access to a greater array of loans and thereby increasing the chances of homeownership for first-time buyers.
August has already seen other major lenders cutting rates, with Nationwide reducing its mortgage products for new applications across the board by 0.25 per cent.
Click here for more mortgages news
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Related News : Barclays |
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