Woolwich rates cut as parent tops £100bn in lending

Published on

Barclays has reached the milestone of £100 billion in UK mortgage lending.

Over the last three years Barclays has lent £55.7 billion in new mortgages through its mortgage arm Woolwich and increased overall mortgage lending by 42% compared to an average increase across the industry of 3.5%. During the first six months of 2010 Barclays net lending grew by £4 billion in a market where total net lending grew by only £2 billion.

Barclays has today made cuts in its lifetime tracker mortgage range by up to 0.41 percentage points.

The main reductions are across the 70% and 75% LTV range. On the 70% LTV the rate will fall from base + 2.49% to base + 2.08% (a reduction of 0.41 percentage points) and the 75% LTV will reduce from base + 2.69% to base +2.39% . Equivalent Loyalty tracker rates have also been reduced with a new headline rate of base +1.88%.

Mark Parsons, managing director of retail assets and deposits for Barclays, said: “Barclays has remained open for business throughout the testing times of the last few years and that is reflected in these figures. The strength of the growth shows that we remain firmly committed to the UK mortgage market and that we are actively lending more to homeowners and buyers than ever before.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

ASA upholds complaint over ‘leading body’ claim in CPD accreditation ads

The Advertising Standards Authority (ASA) has upheld a complaint against The Professional Development Consortium...

Additional property purchases drive stamp duty receipts in more than half of councils

Landlords and second-home buyers now account for the majority of stamp duty receipts in...

Landlords urged to review rent guarantee cover after Renters’ Rights Act changes

Buy-to-let landlords should consider rent guarantee insurance after the Renters’ Rights Act came into...

Rural house prices outpace urban markets

Rural housing markets in England and Wales are recording stronger annual price growth than...

Connells Survey & Valuation and StrideUp launch platform with Cotality

Connells Survey & Valuation and StrideUp have become the first firms to launch Cotality’s new Integrated LenderHub platform...

Latest publication

Other news

Beyond the walk: Mortgage leaders talk mental health – part 8

The Mortgage Industry Mental Health Charter (MIMHC) is hosting its third annual 144-mile Walk...

The human adviser in an AI mortgage market

NatWest’s decision to place home-buying guidance inside ChatGPT is a story with large implications. It...

ASA upholds complaint over ‘leading body’ claim in CPD accreditation ads

The Advertising Standards Authority (ASA) has upheld a complaint against The Professional Development Consortium...