Woolwich cuts “fix and track” rates

Woolwich has reduced rates on several of its “fix and track” loans for remortgagers.

The lender, which forms part of the Barclays group, has cut the rate on its two-year fix and track by 0.5%, to 3.89% while the rate on a three-year fix and track is down by 0.7%, to 3.99%.

Both types of loan revert to a tracker rate of 1.49% above base rate for the remaining life of the mortgage.

In addition, Woolwich has launched a new range of four-year fixed-rate deals for house purchasers.

Those with a 20% deposit can secure a rate of 4.99%, again with the loan reverting to a tracker at 1.49% above base rate at the end of the fix.

For house buyers with a 40% deposit a four-year fix is available at 3.99%.

Barclays’ head of mortgage products, Chris Keane, comments: “Whilst a large percentage of our customers are remortgagers, we have acknowledged the needs of buyers at this time. The rate is fixed for four years to match the average term of tenure in a first property.”

Woolwich is also reminding borrowers that it is still offering its one-year fix and track at 2.29%.

The deal was launched last month and remains the cheapest mortgage rate ever offered by Woolwich. After one year the mortgage switches to a tracker at 2.29% above base rate.

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