Mortgage lender Woolwich has reduced interest rates on more than half of its products. The lending arm of Barclays bank has offset trackers by an average of 0.35 per cent, whilst also cutting rates on its two, three, four and five year fixed rate mortgages, with fixed rates available as low as 3.69 per cent.
There is also good news for borrowers who don't have large deposits to offer, as Woolwich has relaunched four of its deals for those with a 20 per cent deposit, and has adjusted the majority of its products to accommodate those able to provide a 30 per cent deposit, rather than setting a benchmark of 40 per cent.
Experts have said the move offers a sign of confidence in the housing market, and lauded the cuts as a step in the right direction. Head of Mortgages for Barclays, Andy Gray, pointed to the bank's promise last month to increase lending to homeowners by £5.5 billion, claiming that these cuts will help to achieve that.
Meanwhile, the Bank of England is expected to maintain rates at 0.5 per cent later this week.
Bank Cuts Interest Rates
Financial Services > e-banking > Banking news
Bank Cuts Interest Rates
Wed, 06 May 2009
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