Barclays is cutting rates on its Woolwich mortgages by up to 0.70% tomorrow.

The reductions include a cut of 0.70 percentage points on a two-year fixed rate mortgage (up to 80% LTV) from 5.29% to 4.59% , a reduction of 0.60 percentage points on a three-year fixed rate (up to 80% LTV) from 5.49% to 4.89% and a cut of 0.40 percentage points for mortgages up to 85% LTV from 6.19% to 5.79% . All deals come have a £999 application fee.

Two other fixed rate deals are being reduced at the 75% LTV tier and there will be a slight increase on the five-year fixed for loans up to 70% LTV.

Andy Gray, head of mortgages for Barclays, said: “The improvement to the highest loan to value products will be welcomed by those with smaller deposits