Woolwich chips 0.7% off fixed mortgages

Thursday, 27 November 2008 12:00

Woolwich has shaved up to 0.7 per cent off a third of its fixed-rate mortgages and is re-launching a lifetime tracker loan.

The lender, which is part of Barclays, revealed customers can now take out a mortgage fixed at 4.39 per cent for two years or 4.69 per cent for three years. This represents cuts of 0.6 per cent.

Products with 70 per cent loan-to-value (LTV) ratios have been slashed to 4.99 per cent. This means two and three year fixed-rate mortgages have been cut by 0.5 per cent and 0.7 per cent respectively.

Woolwich's Lifetime Tracker, meanwhile, now has an interest rate set 1.99 per cent above the Bank of England's base rate. It is available for mortgages of up to 60 per cent LTV for a £995 fee.

Borrowers looking for an LTV of 70 per cent or 80 per cent can still take out the Lifetime Tracker, but the rate is available at 2.29 per cent and 2.99 per cent above base, respectively.

Andy Gray, head of mortgages at Barclay, said: "We're constantly reviewing our mortgage portfolio to ensure our customers receive the best deal for their circumstances, which is equally important during this time of economic uncertainty.

"Our attractive pricing addresses this by allowing customers to choose the certainty of a fixed-rate, or take advantage of possible future base rate adjustments with a Lifetime Tracker."

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