Barclays is cutting rates on Woolwich fixed and tracker mortgages by up to 0.21 percentage points tomorrow.

This represents its fourth rate reduction in six weeks.

The new rates include a two-year fixed rate deal at 2.98%, up to a maximum loan to value (LTV) of 70% and a lifetime tracker at 2.38% above base (maximum 75% LTV).

The largest cuts taking place on the two and three-year fixed rates available up to 70% LTV. The three year deal is reducing from 3.99% to 3.78% with an application fee of £499, and the two year from 3.18% to 2.98% with a fee of £999.

The equivalent two-year rate for customers who qualify for Barclays loyalty mortgages is reducing by 0.10 percentage points from 2.99% to 2.89%. For borrowers who want to opt for a lower fee of £199, the two year rate will be cut from 3.99% to 3.79%.

At the same time the lifetime tracker available up to 75% LTV is being cut by 0.19 percentage points from base +2.57% to base +2.38% with a £999 application fee. The equivalent rate on the loyalty range has been cut by base + 2.39% to base +2.28%. The lifetime tracker at base +1.97% remains available.

All Woolwich tracker mortgages come with ‘Switch and Fix’ options.

Andy Gray, head of mortgages for Barclays, said: “We have been continually cutting rates since early April in response to falling swap rates and the competition in the market