Barclays launches new fixed rate mortgage

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Barclays launches new fixed rate mortgage

Potential homeowners could be interested to hear Barclays' Woolwich range has launched a new range of fixed rate mortgages.

Following the cuts before Easter, the deals include a three- year fixed rate at 3.99 per cent and 70 per cent loan to value.

Existing Barclays customers will be given the chance to take advantage of the new borrowing opportunities with an offer of up to 85 per cent loan to value on mortgages.

In a bid to protect borrowers from future base rate increases, tracker and fixed rates were reduced by up to 0.32 percentage points last month.

Head of mortgages for the company Andy Gray revealed the cuts were in response to increased competition in the market following the swap rate reduction.

He said: "We would urge the thousands of borrowers who are still on their lenders' standard variable rate to make the move to a cheaper mortgage rate to offset any rises in mortgage payments."

This news comes after the mortgage lender announced plans to launch a competitive four-year fixed rate bond aimed at customers looking for a return on their long-term savings.

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