Woolwich launches new fixed and tracker mortgage deals

A tracker mortgage, guaranteed to stay 0.18 per cent above the Bank of England base rate (current rate of 5.43 per cent) for life, with no arrangement and no redemption penalties, is today being launched by the Woolwich, together with a best buy 10 year fix at 5.28 per cent.

Andy Gray, head of mortgages for Woolwich, said: “The improvement in the outlook for long term interest rates is allowing us to offer a 10 year fixed rate. At the same time we will be cutting the rate on our best buy lifetime tracker and five year fixed rates to provide consumers who are worried about future rises in interest rates with complete certainty.

“The lifetime tracker will reduce to base + 0.18 per cent from +0.23 per cent with the optional purchase of a cap at 5.99 per cent, the five year fixed is cut from 5.69 per cent to 5.49 per cent and the 10 year fixed rate will be a best buy reducing from 5.37 per cent to 5.28 per cent.

“The lifetime tracker and the 10 year fixed provide consumers with great long term value and added protection for those worried about future rate rises.”

Key product facts include:

Trackers

Best ‘fee free lifetime tracker’ and ‘track and cap’ on the market
No arrangement fees, no early repayment charges or tie-ins
For customers switching from another lender we will cover legal and survey fee
Available to all existing and new customers; with no fees to pay
Tracks at base +0.18 per cent for the life of the loan
‘Track and cap’ provides added protection for a one off fee of £595 which guarantees the rate will not rise above 5.99 per cent for the first two years
Rate available up to 80 per cent of the purchase price/valuation
Overpay by any amount at any point during the life of the mortgage
Minimum loan size on Lifetime Tracker £50,000, Maximum loan size £2m
Maximum loan size on Capped tracker £500,000

Fixed rates

Best buy 10 year fixed at 5.28 per cent reverts to lifetime tracker (base +0.95 per cent), 5 year fixed at 5.49 per cent
Low arrangement fee of £595
Rate available for mortgages up to 80 per cent of the purchase price/valuation
Early repayment charge 6 per cent of the balance repaid
Customers can overpay by 5 per cent each year without penalty on the 10 year fixed and 10 per cent each year on the 5 year fixed
For customers switching from another lender we will cover legal and survey fees
Maximum loan size £2m

Customers can find out more about all our new and existing mortgages by contacting their local Barclays or Woolwich branch, or via the internet on woolwich.co.uk.