Woolwich lowers rates by up to 0.7%

| May 5, 2009 | 0 Comments
Woolwich lowers rates by up to 0.7%

Woolwich is cutting rates across its range of mortgages, by up to 0.7%.

A two-year fix at 80% loan-to-value (LTV) ratio is available at 4.99%, representing a reduction of 0.4%, while a three year fixed-rate deal at 70% LTV comes 0.5% cheaper at 3.99%.

In addition, the Barclays-owned lender’s offset tracker mortgage is down 0.5% to Bank of England base rate plus 1.99% (currently 2.49%) for loans above £200,000 and up to 60% LTV.

Head of mortgages for Barclays, Andy Gray, comments: “Last month we pledged to increase lending to homeowners by £5.5 billion and now we are launching even better mortgage rates to our customers.

Our attractive pricing addresses all customers’ requirements: those who want the certainty of a fixed rate or others who are thinking holistically about their financial situation by looking for offset options.”

Mr Gray adds that offsetting is becoming more popular as homeowners “cut back on their spending and focus more on saving”.

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