22
Jun
Barclays cuts mortgage rates 'to help people with small deposits'
Barclays has announced that it is cutting rates on its highest
loan-to-value mortgages in an attempt to help people get on the
property ladder.
From Wednesday (June 23rd), the lender will reduce its Woolwich
mortgage rates by up to 0.7 per cent to encourage higher
loan-to-value lending.
Head of mortgages for Barclays Andy Gray said: "The improvement to
the highest loan-to-value products will be welcomed by those with
smaller deposits, but who still need the certainty of a fixed
rate."
People with a two-year fixed-rate 80 per cent loan-to-value
mortgage can expect to see a reduction of 0.7 per cent, while
customers on a three-year loan will benefit from a cut of between
5.29 and 4.59 per cent.
Last week, director of MyMortgageDirect Stuart Inman suggested that
high deposits remain a problem for the property market, with fewer
people being able to save enough to buy a house despite the
reasonable mortgage rates that are available at the moment.
