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Barclays reduces tracker and fixed mortgage rates

Barclays reduces tracker and fixed mortgage rates.

Barclays is cutting rates on its Woolwich fixed mortgages by up to 0.31% and introducing new trackers to the range tomorrow.

Barclays has cut its two-year fixed rate mortgageup to 70% LTV by 0.20% from 2.98% to 2.78%.

The two-year fixed rate Great Escape remortgage package is reducing from 3.74% to 3.49%.

The biggest cuts are taking place are on the longer term fixed rate products with the five-year 80% LTV deal reducing by 0.30% to 4.98%.The equivalent fiver-year rate for customers who qualify for Barclays loyalty mortgages is reducing by 0.31% to 4.78%.

Alongside this, two new two-year tracker mortgages are being launched. At 70% LTV the rate will be 1.79% above the base rate (currently 2.29%) with an application fee of £999, and at 75% LTV it will be 1.99% above base rate.

Both revert to a tracker of 2.99% above base, currently 3.49% after the two years.

Andy Gray, head of mortgages for Barclays, says: "With further falls to swap rates this month and the economic turmoil in Greece impacting rates, we are able to pass on cuts to borrowers across our mortgage range. We have introduced a competitive two year tracker to offer value in the market for those who are happy to see what happens to rates. With Switch and Fix, this gives borrowers the best of both worlds- a cheap tracker with the ability to fix when the time is right for them."

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