Barclays cuts mortgage rates following base rate cut

Woolwich is cutting its standard variable rate (SVR) by 0.5 per cent following the announcement today that the Bank of England base rate will fall by 0.5 per cent.

As well as the cut in SVR, all customers on base rate trackers will also see their rates cut by 0.5 per cent with effect from 1st November.

For new customers, all rates will come into effect from tomorrow, Thursday 9th October.

Andy Gray, head of mortgages for the Woolwich, said: "The base rate cut is a welcome move for millions set against the background of a slowing housing market.

Today's move to reduce mortgage payments is good news and will instil confidence, helping customers with their finances." More information on the full range of Woolwich mortgages including tracker, fixed rate, offset and buy-to-let mortgages is available at www.barclays.co.uk/mortgages.

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