With the Bank of England base rate cut, Barclays customers will reap the benefits.
The Barclays Bank Base Rate has been reduced by 1%, giving benefit to all existing customers of the Woolwich tracker mortgage. The new rate now sits even with the Bank of England base rate at 2%. The majority of Barclays mortgages (which are offered under the Woolwich name) all track the base rate for the lifetime of their loan.
With regard to the fixed rate Woolwich mortgages, these all convert to a lifetime tracker once their specified fixed term has been reached. Existing customers will benefit from the new rate as of 1st January 2009 whereas new customers will receive this rate from today (5th December 2008). The Woolwich SVR will drop to 5.49% (a cut of 1.15%).
For business, Barclays local business customers will also see benefit from the base rate cut. Overdraft rates and the majority of loans to Local Business are linked to the base rate and have therefore immediately dropped to the new level.
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