Woolwich launches three new fixed rate mortgage deals

Woolwich is launching a raft of lower fixed rate mortgages at rates as low as 5.59 per cent for its 10 year deal, 5.69 per cent for the five year fix and 5.89 per cent for the two year fix.

The ten year fix has been cut by 30 basis points, the five year by 26 basis points and the two year by 20 basis points. Woolwich now has suite of excellent fixed rate products.

Andy Gray, head of mortgages for the Woolwich, said: “SWAP rates have been coming down since the beginning of December but there is still a lot of uncertainty in the market overall and fixed rates have therefore been slow to follow. However, further recent falls mean that we are able to pass on those cuts to customers in a range of fixed rates that are as keenly priced as anything in the market.

“The overall economic outlook means that there are still inflationary pressures in the UK economy and therefore although the overall trend in interest rates is down there is a little more uncertainty as to how quickly they will fall. We therefore think over the next few weeks there will be an increase in demand for fixed rates over trackers, especially for those that are competitively priced.”

Product details on two year fixed rates:

Fixed for two years at 5.89 per cent
Reverts to tracker at base + 0.95 per cent after initial fixed rate period
Arrangement fee £995 (can be added to the loan)
Loan to value of 80 per cent
3 per cent early repayment charge during the fixed rate period
Borrowers can overpay up to 10 per cent per annum without any charges during the fixed rate period
Customers switching from another lender can use Woolwich Switch & Save package with no valuation and legal costs

Product details for five year fix rates:

Fixed for five years at 5.69 per cent
Reverts to tracker at base + 0.95 per cent after initial fixed rate period
Arrangement fee £995 (can be added to the loan)
Loan to value of 80 per cent
3 per cent early repayment charge during the fixed rate period
Borrowers can overpay up to 10 per cent per annum without any charges during the fixed rate period
Customers switching from another lender can use Woolwich Switch & Save package with no valuation and legal costs

Product details for ten year fix rates:

Fixed for ten years at 5.59 per cent
Reverts to tracker at base + 0.95 per cent after initial fixed rate period
Arrangement fee £995 (can be added to the loan)
Loan to value of 80 per cent
6 per cent early repayment charge during the fixed rate period
Borrowers can overpay up to 5 per cent per annum without any charges during the fixed rate period
Customers switching from another lender can use Woolwich Switch & Save package with no valuation and legal costs

Key features on all our residential mortgages:

Maximum flexibility: overpay, underpay & payment holidays
Available to all existing and new customers
No higher lending charge or early repayment charge beyond the fixed, capped or discounted period
Daily interest
Flexible features on fixed rate mortgage such as overpaying by up to 10 per cent per year.
Fully portable

For further information, visit woolwich.co.uk.