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Barclays rate cut, good for mortgages & businesses

Barclays rate cut, good for mortgages & businesses

Category: Mortgages

Updated: 05/12/2008
First Published: 05/12/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

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.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.