Barclays owned Woolwich has cut mortgage rates

Barclays owned Woolwich, who is one of the UK’s biggest mortgage lenders has reduced their mortgage rates, this follows the fall in the cost of wholesale funding. The Woolwich has cut their tracker deals by 0.1%, along with their fixed-rate products by up to 0.3%.

This move by Woolwich follows other lenders like Abbey and Nationwide last week. However it seems as if Woolwich still only has three mortgages lower than they were on June24, just before the lender increased some of their fixed-rate and tracker deals up by 0.4%.

It looks as though these rate cuts are good for the borrowers as they have had to put up with a range of rate increases, these are now at an 11-year high, some rates are now at 7.07%.

The Woolwich are now offering a lifetime tracker with no arrangement fees, there is also no redemption charges of 0.89% above base rate for people with a 40% deposit, this now has a rate of 5.89%.

The Woolwich has also re-launched its range of mortgages for those who only have 10% deposit, after the lender had temporarily withdrawn it.

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