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Barclays is reducing rates on its Woolwich mortgages and introducing a drop lock option for new mortgage customers. Compare mortgages online now to save.

Barclays is reducing rates on its Woolwich mortgages and introducing a drop lock option for new mortgage customers. Compare mortgages online now to save.

Barclays is reducing rates on its Woolwich mortgages and introducing a drop lock option for new mortgage customers. Compare mortgages online now to save.

The 8% Loan-to-Value (LTV) Mortgage will be reduced by up to .21% on a two year fixed loan from 4.59% to 4.38%, and a .1% points reduction on the three and five year fixed rate mortgage deals.

The lifetime tracker facility at 8% LTV introduces a base plus 3.38% with a £999 application fee, available to all new trackers and offset borrowers with Barclays. This will allow people to switch to a fixed rate in the future without an early repayment charge for those opting for a tracker or offset mortgage.

"With speculation this week that UK interest rates are set to stay at record lows until 214, the drop facility provides customers with peace of mind that they can go into a low tracker rate now and switch at a point in the future when they need greater security," said Barclays' head of mortgages Andy Gray.

This also follows from Barclays' announcement last month offering competitively priced mortgages at 9% lending for customers buying a new Bovis Homes property. The deal is maintained at a rate of 4.99 per cent for two years.

Figures published today by the Land Registry show that house prices rose by .1% in June, pushing up the average house price in England and Wales to £166,72 and an annual price increase of 8.4%.

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YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE