Barclays cuts Woolwich mortgage rates
Barclays has announced it is cutting its rates the cost of mortgage arm Woolwich tracking, due to reach £ 100billion of mortgage lending.
Since late 2007, when the mortgage market is reduced rapidly, Barclays’ mortgage loans has seen a 42 percent increase, the bank said to be “the fastest growing mortgage lender in the UK.”
To celebrate the return to reach the milestone £ 100billion, Barclays is the reduction in mortgage rates up Woolwich to 0.41 percent.
Barclays, 42 per cent growth over the past three years has far exceeded the industry average of 3.50 percent, its net lending rose by 4billion pounds in the first half of 2010, while the market average was £ 2 billion.
The main rate cuts affect Woolwich mortgages with 70 and 75 percent of the loan to value. 70 percent is a reduction of 0.41 percent, bringing the cost below the base rate plus 2.49 per cent base rate plus 2.08 percent, 75 percent range will change rate of base rate plus 2.69 percent base rate plus 2.39 percent.
Commenting, Mark Parsons, managing director of assets and retail deposits of Barclays, said. “Barclays has remained open for business throughout the testing times in recent years and reflected in these figures on the strength of growth shows that we remain firmly committed to the UK mortgage market and are actively paying more to owners and buyers than ever.
“We have driven this growth in the development and adaptation of our range of mortgages to ensure they are meeting the needs of borrowers and provide long-term value. Together with our independence, strong global financial ability and commitment in both the brokerage market and distribute our industry, this has helped us to identify and support the UK mortgage market. “