They could save more than £3.1 billion* in interest over two years if they make the switch.
The mortgage challenge is aimed at borrowers who hold a mortgage with any lender other than Barclays or the Woolwich. Borrowers who don’t hold a mortgage with the group will be given £100 if we can’t beat the interest rate of their existing lender. The challenge will exclude those who are currently tied into a redemption period.
Andy Gray, head of mortgages for the group says, "Our figures have shown that borrowers with an average mortgage of around £100,000 could save around £2,700 by switching to us and even modest size mortgages of around £40,000 can still save £1,000 over two years. We would urge these borrowers to challenge us and find out how much they could save each month."
Barclays and The Woolwich reward existing customers for loyalty
Alongside the mortgage challenge Barclays and The Woolwich are also rewarding existing customers for loyalty. The special offer which is only available to existing Barclays and The Woolwich current account customers is a two year discount of 2.25 per cent off the standard variable rate, with an initial rate of 3.29 per cent, with no application fee, no early repayment charge or mortgage indemnity premium, for advances up to 95 per cent.
This mortgage offer will save customers with a mortgage of £100,000 an average of £127 per month or £3,049 over the two year discount period if they make the switch from their current mortgage providers Standard Variable Rate.
Andy Gray, adds, "With over 10 million customers banking with Barclays and the Woolwich it makes sense for us to reward our existing customers with our most competitive rate, also our £100 mortgage challenge* will be available to them if we can’t beat the rate of their existing mortgage provider."
