Woolwich fixed-rate mortgages are to be reduced in price, parent company Barclays has announced.
The lender has revealed that its two-year fix and track mortgages have seen their rates reduced from 4.39 per cent to 3.89 per cent.
Such products will then switch to a tracker rate staring at 1.49 per cent when the two-year fixed period expires.
Woolwich has also launched a four-year fixed-rate product at 4.99 per cent for a 20 per cent deposit and 3.99 per cent for a 40 per cent deposit.
Commenting on this move, head of mortgages Chris Keane said: "We have acknowledged the needs of buyers at this time with the dedicated purchase-only deal designed specifically to meet the requirements of this group."
Last week Nationwide unveiled cuts to its fixed-rate deals, with its two, three and five-year rates being trimmed by up to 20 per cent.
See Also: Property News (6705)
Date Published: 17 February 2009
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