Fixed mortgage and offset mortgage rates cut by Woolwich

Woolwich, part of Barclays, has cut the rates on a number of its fixed mortgage and offset mortgage products.

The market leading offset tracker mortgage has seen its rate cut to 2.49% (base +1.99%). This is for mortgages above 200,000 and up to 60% LTV.

For an offset mortgage with no minimum amount and up to 60% LTV, the rate is 3.24% (base +2.74%).

There is also an offset tracker mortgage at up to 80% LTV, for those with a smaller deposit, at 4.74% (base + 4.24%).

Head of Mortgages at Barclays, Andy Gray, said ‘The trend for offsetting is increasing as we are seeing homeowners cut back on their spendign and focus more on saving. The top priority of many in the current climate is to keep those savings accessible. However, with interest rates at a historical low, there is also the opportunity to make big savings on mortgage repayments.’

Many people though are also opting for fixed rate mortgages, taking advantage of the current low interest rates available.

Woolwich have reduced the rates on their 2 year fixed rate mortgages:

• up to 70% LTV, down 0.4% to 3.69%
• up to 80% LTV, down 0.7% to 4.99%

The 3 year fixed mortgage has also been reduced to 3.99%.

Most of the mortgages have a £999 fee, although some, including the over £200,000 offset tracker have a higher fee.