Barclays is cutting rates on its Woolwich tracker and fixed rate mortgage range by up to 0.32 percentage points on 21 April.

The largest cut taking place is on the two-year fixed rate deal at 75% LTV, being cut by 0.32 percentage points from 3.89% to 3.57%.

‘Key’ reductions are also being made on the Great Escape remortgage package. The two-year fixed rate has been cut from 3.99% to 3.79%. The LTV was recently extended from 60% to a maximum of 70% LTV

The Great Escape package is also available as a tracker at 70% LTV with the rate cut from 2.59% above base rate to 2.39% over base, or at 75% LTV with the rate reduced from 2.79% above base rate to 2.69% over base.

All borrowers taking up a tracker deal will be eligible for ‘Switch and Fix’ which enables them to switch to a fixed rate whenever they choose without penalty.

Available to existing and new customers who are purchasing or remortgaging, Barclays lowest tracker mortgage is the loyalty tracker mortgage, cut from 2.09% to 1.89% above base rate for a maximum LTV of 70%. The equivalent lifetime rate for customers who do not qualify for the loyalty deal is reduced from 2.29% to 1.99% above base, a cut of 0.30 percentage points

Two new capped rate deals will also be added to the range. Available at either over three or five years, both are 2.70% above base and a maximum 70% LTV with a guarantee that the customers payment rate will not increase beyond 4.99% (three-year capped) and 5.99% (five-year capped)

Andy Gray, head of mortgages for Barclays, said: “The cuts today are about jump-starting thousands of borrowers to take action as their mortgage payments will be impacted when base rate starts to rise which could be as early as next month with a steady rise up to 3% by June 2013. Many mortgage borrowers breathed easy this month when the base rate didn’t go up so now they need to take urgent action to really start protecting themselves for at least the next two years.