Woolwich, the mortgage-lending brand of Barclays, has announced that it is reducing the rates of its fixed rate mortgages by more than 0.30%, to below 6%.

The new rates include three- and five-year fixed rates of 5.97% both reduced by 0.32%, and a 10-year fixed rate of 5.87% reduced by 0.07%, all at a maximum of 60% loan-to-value. An entirely new two-year fixed rate is also available at 5.99% for loans up to 60% loan-to-value.

David Finlay, director of mortgage intermediary business at Woolwich, said: We’re seeing strong competition in the market, and some easing in fixed rates – and that adds up to a good result for customers. These reductions will provide some relief for customers coming off fixed rates.