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Barclays launches leading mortgage rates

Woolwich, the mortgage arm of Barclays, has launched a market-leading mortgage combining the best aspects of a fixed rate with a competitive lifetime tracker. The mortgage is fixed at 3.99% (60% loan to value, £995 fee), switching after a year to a tracker at 1.99% above base rate.

"As a fixed rate mortgage this is market leading," said Andy Gray, head of mortgages at Barclays. "The low rate means that customers will see the immediate benefit by having cash in hand now, with the certainty of low payments fixed until 2010. Because it then tracks base rate it will offer flexibility and benefit from future base rate cuts after the first year.”

The mortgage is available both to direct and broker customers.

All Woolwich fixed rate mortgages revert to a tracker at the end of their fixed period tracking Barclays bank base rate (currently 3.0%) for the remaining life of the mortgage.

For those customers who don’t want to pay an application fee we have the flexibility of a rate at just 4.49%. All broker customers will receive free valuation as part of the mortgage.