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Woolwich, mortgages from Barclays will cut the interest rates it charges on mortgages up to 80% loan to value by up to 0.21% as of tomorrow.
The price reductions mean the rate at which a Woolwich two-year fixed rate at 80% LTV is charged will fall from 4.59% to 4.38%, while its three- and five-year fixed rates will come down slightly by 0.1% to be charged at 4.79% and 5.39% respectively.
At the same time the lender will launch a lifetime tracker mortgage available up to 80% LTV, which is charged at Base Rate plus 3.38%, giving a current pay rate of 3.88%.
Woolwich will also introduce a ‘drop-lock’ facility for all new borrowers taking out its tracker and offset mortgages.
A ‘drop-lock’ gives borrowers the option to switch from a variable rate onto a fixed rate at no extra cost, which can be very useful if interest rates start to rise.
Andy Gray, head of mortgages for Barclays, said:
“With speculation this week that UK interest rates are set to stay at record lows until 2014, the drop lock facility provides customers with peace of mind that they can go into a low tracker rate now and switch at a point in the future when they need greater security.”
All fixed rate mortgages revert to a lifetime tracker rate at base plus 2.49% after the fixed rate period.
The truth about house prices
We are constantly bombarded with, often conflicting, information regarding house prices. Paula John provides a round-up of the major indices, explaining why they differ.
The September/October issue of Your Mortgage is on sale now. In it we look at how far you can – and should - go when arranging a mortgage online; the help available for first-time buyers from lenders, family and the government; we explain the advantages of using a good adviser and how to find one, and why buying a brand new property can be kind to your wallet and your nerves. Get your copy for the latest news, information and help.
The Your Mortgage Awards aim to reward those lenders that have excelled in providing innovative and competitive products. Widely regarded as the UK's definitive consumer mortgage awards, the Your Mortgage Awards have now been running for 20 years.





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