Woolwich tracker mortgages popularity 'aided by Switch & Fix'

Date:Wednesday 13th October 2010
Author: Max Freedman

The introduction of the Switch & Fix service has added to the popularity of Woolwich tracker mortgages, according to one source.

Head of mortgages at Barclays Andy Gray revealed that one-third more customers have opted for a tracker deal since the facility was unveiled in the summer.

The Switch & Fix service allows people to change from their tracker arrangement to a fixed-rate product without being charged an early repayment fee.

Mr Gray noted that the base rate is currently low, so there are plenty of consumers who want to sign up for a tracker proposition, which they can do without worrying as much about when interest rates may go up.

"It underlines our strategy of offering value to our existing customers and making it easy and transparent for them to switch onto a fixed rate," he said.

Barclays recently announced its mortgage lending has gone up by 42 per cent since the end of 2007.