Barclays: Woolwich cuts mortgage interest rates

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Barclays: Woolwich cuts mortgage interest rates

Wed 18th Feb 2009

Woolwich, the mortgage providing subsidiary of Barclays, has announced that it has cut the cost of its fixed-rate mortgage deals by 0.5 per cent.

The reduction - which takes its two-year fixed rate from 4.39 per cent to 3.89 per cent and their three-year fixed rate from 4.69 per cent to 3.99 per cent - follows the Bank of England's reduction of 0.5 per cent which left the base rate at one per cent.

Woolwich also announced the launch of a new four year fixed-rate mortgage deal which charges interest of 4.99 per cent.

Chris Keane, head of mortgage products for Barclays, said: "In these uncertain times, many of our customers are looking for some certainty and we have therefore taken the opportunity to reduce the rates on the bulk of our fixed-rate range."

Recently, the government announced that it will set aside money to underwrite some of the risk incurred by mortgage lenders, in an effort to persuade them to grant more mortgage approvals.

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