Barclays is reducing the rates on its Woolwich fixed mortgages by up to 0.31 percentage points and adding new low rate trackers to its product range.

Its two-year fixed rate mortgage up to 70% loan to value (LTV) has been cut by 0.20 percentage points from 2.98% to 2.78%.

The two-year fixed rate Great Escape remortgage package (maximum 70% LTV) is moving from 3.74% to 3.49%, a cut of 0.25 percentage points.

The largest cuts are on the longer term fixed rate products with the five-year (maximum 80% LTV) reducing by 0.30 percentage points to 4.98%. The equivalent five-year rate for customers who qualify for Barclays loyalty mortgages is reducing by 0.31 percentage points to 4.78%.

Woolwich is also launching two new two-year tracker mortgages. At 70% LTV the rate will be 1.79 above base rate (currently 2.29%) with an application fee of £999, and at 75% LTV it will be 1.99% above base rate (currently 2.49%). Both revert to a competitive tracker of 2.99% above base (currently 3.49%) after the two-years.

All Woolwich tracker mortgages come with ‘Switch and Fix’ which allows borrowers to switch to any current Woolwich fixed rate mortgage deal with no early repayment charge.

Andy Gray, head of mortgages for Barclays, said: “With further falls to swap rates this month and the economic turmoil in Greece impacting rates