Barclays drop Woolwich mortgage rate to 1.98 per cent

Barclays has cut interest rates on its range of Woolwich mortgages.
A one year discounted tracker mortgage is now one point four eight over the base rate, putting it at one point nine eight per cent.
However the deal is only at a low rate for that one year, after which point is rises to two point four nine per cent over base rate.
Further more early repayment charges of two per cent stand for three years and there's still a fee of nine hundred and ninety nine pounds.
It's also only available to borrowers with forty per cent deposits, meaning it's accessible to people remortgaging or with a large amount of money behind them.
A spokesman from Mortgageforce says other lenders offer better rates over two or three years and that borrowers should think carefully about low discount and tracker rates.

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