Woolwich launches market leading fixed and tracker mortgages

Woolwich is cutting rates on its fixed rate mortgages by as much as 0.32 percentage points as lower SWAP rates continue to benefit the fixed rate market.

Its ten year fix will fall below six per cent to 5.97 per cent making it a market leading rate, whilst its three year fix drops by 0.20 percentage points to 6.29 and its five year fix drops by 0.10 percentage points to 6.29 per cent.

Woolwich will also be introducing a ‘best buy' Lifetime Tracker at 5.69 per cent, tracking 0.69 per cent above base rate for the life of the mortgage. All of these new products will be available direct or through brokers at exactly the same rates.

Andy Gray, Head of Mortgages for Woolwich, said: "We have seen an improvement in the SWAP rates recently and have taken the opportunity to reduce our longer term fixed rates where we see customers can get the best value at the moment. We have also decided to introduce a market leading Lifetime Tracker rate as we still feel this type of product offers the best value in the market at the moment, easily out stripping any two year fix."

"We are also pleased that we have been able to narrow the gap in product pricing to brokers. A couple of weeks ago we reduced the rate to a maximum of 0.10 percentage points and this week all our new products will be available direct or through brokers at the same price."

The new products will be offered on loan to values of 60 per cent which according to Council of Mortgage Lenders data would mean they are available to 50 per cent of the mortgage market. Other very competitive rates will continue to be offered up to 90 per cent loan to value on both fixed and tracker rates. All new products will have an initial fee of £995. All other product rates will remain fully available and unchanged.

For more information, visit woolwich.co.uk.