Barclays rates cut

Date:Tuesday 16th September 2008

Barclays mortgage rate cuts have been announced on various fixed-rate deals.

New mortgages include rates on a two-year fixed-rate deal falling from 5.99 per cent to 5.79 per cent.

Additionally, a three-year deal has gone from 5.69 per cent to 5.54 per cent and a five-year one from 5.79 per cent to 5.64 per cent.

And ten-year options are dropping from 5.69 per cent to 5.64 per cent.

The deals all carry a fee of £995 and a maximum loan-to-value of 60 per cent.

Woolwich has also introduced a new tier for loan-to-value of up to 75 per cent, including a three-year deal with the rate fixed at 5.84 per cent and a two-year one fixed at 5.99 per cent.

According to finance website's weekly credit crunch monitor, the total number of mortgage products available is now 6,630, up by 541 from a week ago.

The number of lenders offering two-year, fixed-rate deals is up by one to 57, but those offering three-year fixed deals has dropped by three, also reaching 57.