Woolwich cuts the cost of its fixed-rate mortgage products...
Barclays subsidiary Woolwich has announced it is cutting the cost of its fixed-rate mortgage products.
The lender has reduced its two-year fixed-rate deals by 0.5 per cent from 4.39 to 3.89 per cent.
Meanwhile it has knocked 0.7 per cent off its three-year fixed-rate deals, which now cost less than four per cent.
All fixed rate deals will revert to the mortgage lender's tracker rate, which follows 1.49 per cent above the Bank of England's base rates, when they come to an end.
Woolwich has also launched a new four-year fixed-rate mortgage for new buyers, which has a loan-to-value of 80 per cent and an interest rate of 4.99 per cent.
Chris Keane, head of mortgage products for Barclays, said: "In these uncertain times, many of our customers are looking for some certainty and we have therefore taken the opportunity to reduce the rates on the bulk of our fixed rate range."
