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Homeowners and small businesses to benefit as Barclays cuts rates

All existing customers on Woolwich tracker mortgages will benefit as the Barclays Bank Base Rate reduces by 1 percentage point and now sits at 2% in line with the Bank of England rate. The majority of Barclays mortgages, all offered under the Woolwich name, track the base rate for the entire life of the loan.

All fixed rate Woolwich mortgages revert to a lifetime tracker at the end of the specified fixed term. New customers will see the revised rates from tomorrow (Friday 5th December) whilst existing customers will benefit from the 1st January. The Woolwich Standard Variable Rate (SVR) will be cut by 1.15 percentage points to 5.49 per cent following the announcement. Less than 3 per cent of Woolwich mortgages are Standard Variable Rate, reflecting no new SVR-related mortgages being made available since 2006.

Barclays local business customers will also see the impact of the base rate cut on their costs. All Barclays Local Business overdraft rates and the majority of Local Business loans are linked to base rate and have therefore moved immediately in line with the base rate reduction.