Woolwich launches new 2007 mortgage range

Woolwich, which established itself as the market's leading provider of long term fixed rates and life time trackers in 2006, is starting 2007 with a new mortgage range that includes its best ever life time tracker deal as well as two best buy fixed rates.

The life time tracker will, for the first two years of the mortgage, track at 0.01 per cent below base (current rate of 4.99 per cent) and then reverts to a lifetime tracker at 0.17 per cent above base for the remainder of the term. There is no early repayment charge at any time and the application fee is £1,495.

To complement the life time tracker Woolwich has slashed its rate on the five year fixed rate to a market leading 4.98 per cent, 0.31 per cent below its previous best five year fix. It will also be continuing its popular 10 year fix at 4.98 per cent and a simple lifetime tracker at 0.17 per cent above base rate (5.17 per cent currently).

Andy Gray, head of mortgages for Woolwich said: “These new Woolwich deals are the amongst best rates we have ever offered and lead the market in their segments offering great long term value and rate guarantees. Long term trackers have proved hugely popular with our customers over the last year, however, with future interest rate movements still uncertain we wanted to continue to offer long term fixed rates to allow customers to take any uncertainty out of their mortgage borrowings.”

The new mortgages being launched by Woolwich are:

New – 2 year discounted tracker at base -0.01 per cent with a lifetime follow on rate of base +0.17 per cent; 80 per cent loan to value; no early repayment charges; application fee £1,495;

New – 5 year fixed rate at 4.98 per cent; 80 per cent loan to value; early repayment charge 3 per cent; application fee £1,495

Extended – 10 year fixed rate at 4.98 per cent; 80 per cent loan to value; early repayment charge 6 per cent; application fee £595

Extended – lifetime tracker at base +0.17 per cent; 80 per cent loan to value; no early repayment charges; application fee £795

Key features on all our residential mortgages:

Available to all existing and new customers
Customers switching from another lender can use Woolwich Switch & Save package with no valuation or legal costs.
Maximum flexibility: overpay, underpay & payment holidays
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 10 per cent per annum without incurring any early repayment charge (on the 10 year fixed rate borrowers can overpay by 5 per cent per annum).
Fully portable