Mortgage Rates Slashed by Abbey, Barclays and Woolwich

Barclays (LON:BARC) mortgage arm, Woolwich and Abbey (LON:ANLA), owned by Santander the Spanish banking giant have slashed their rates for the second time since the Bank of England cut the key interest rate by 1.5 percent.

All of the main UK banks have come under criticism recently after they dismissed the urges by the government to kick-start the economy by passing the rate cut onto their customers.

Abbey has now slashed its 5-year fixed rate deal by us much as 0.45 percent, putting its best rate at 5.04 percent. However this is only available for borrowers with 60 percent Loan-to-Value, this particular deal holds an arrangement fee of 5.04 percent. Abbey has also reduced its rates on both 2 –year and 3-year fixed rate products.

Woolwich, Barclay’s mortgage arm, has cut its mortgage rates by up to 0.7 percent, putting its best fixed rate at 4.29 percent for a two year fixed. Woolwich has also introduced a new range of Tracker Mortgage. The lifetime tracker mortgage from the Woolwich is at 4.99 percent. Although you will still need a hefty deposit to benefit from either of the products above.

Source: fairinvestment