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Barclays introduces more competition into the mortgage sector

Barclays Bank will this week introduced significant competition into the UK mortgage sector using its Woolwich brand as the vehicle of choice. The company is the fifth-largest lender in the UK and will be introducing a mortgage base rate tracker which will be set at 1.99% above base. This currently equates to 2.49% and is by far and away the cheapest of the new mortgage trackers on the market at the moment. However, the deal is only available to those able to put down a 40% deposit and needing funds in excess of £200,000.

Interestingly, even though the low rate is only available to large-scale lenders, there is a significant fee of £1499 for the service. The company has also reduced mortgage rates on a number of other deals by up to 0.7% with a two-year fixed mortgage now available at 4.99% for those able to put down a 20% deposit. However, again there is a substantial fee of £999 for this particular mortgage offer.

Barclays Bank has also introduced a number of other new mortgage deals for those looking to lend between 70% and 80% of a property's value. While in no way seen as a return to the former highs of the UK mortgage market, when compared to the current average 60% loan to value being offered by the vast majority of UK mortgage lenders, this is a move in the right direction.

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