Barclays drops interest charges across Woolwich range

Tuesday, 23 August 2011 12:40

Barclays is cutting the interest charges on its fixed-rate Woolwich mortgage range by up to 0.41 per cent.

From today (August 23rd), its two-year fixed Great Escape rate on a loan-to-value (LTV) ratio of 75 per cent will drop from 3.70 per cent to 3.28 per cent.

Its three-year fixed interest payments are to fall by 0.36 per cent and 0.24 per cent on LTVs of 85 per cent and 80 per cent respectively.

Meanwhile, the rate on the five-year fixed option on an LTV of 85 per cent is falling 0.19 per cent to 4.98 per cent.

Andy Gray, head of mortgages for Barclays, said: "The mortgage market continues to be fiercely competitive which has been driven by falling swap rates.

"This is good news for borrowers as they have the opportunity to fix at a lower rate than they may currently be paying, to save them money now and protect them against future interest rate rises."

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