Woolwich mortgages pledges "substantial cuts"

Date:Tuesday 6th April 2010
Author: Susanna Kavka

The "substantial cuts" will be brought in tomorrow (April 7th) and include a market leading lifetime tracker mortgage at 2.49 per cent, with a 70 per cent loan-to-value ratio, and a reduction of up to 0.6 per cent on two and three-year fixed-rate products.

Andy Gray, head of mortgages at Barclays, said it was an opportune time to make such a pledge to customers, who typically begin to look for mortgages at Easter.

He added: "We are also seeing a trend in the market for lower rates and more competition so our tracker rates are really strong for those who want to take advantage."

Barclays's mortgage arm recently found that mortgage repayments had become 20 per cent more affordable in relation to homeowners' income in England and Wales in 2009.