Woolwich launches leading mortgages

In its second rate reduction this month, Woolwich is reducing rates to exceptional levels on some of its most popular mortgages.

The new range includes a one-year tracker mortgage at 1.98% (Barclays base rate + 1.48%, 60% LTV), rate cuts on two-year fixed mortgages by ten per centage points to 3.99% and 4.09% (70% LTV), and a reduction on a three-year fixed rate by 0.4 per centage points to 4.49%.

"With more people looking for mortgages, the one year tracker mortgage is the right mortgage at the right time," said Andy Gray, head of mortgages at Woolwich. "If base rate conditions remain the same, this would then roll into a 2.99% rate (Barclays base rate +2.49%), which is an extremely strong rate. It's a good mortgage, particularly for those who believe the best mortgage rates are still to come, and also for customers simply looking for a short term, competitive home for their mortgage.

"For anyone looking for the security of a longer deal, there are two- and three-year fixed rate mortgages available for both new and existing Woolwich customers at extremely competitive rates. At the same time the three year fixed rate is among the best they will find at that loan to value from either a broker or a high street bank. Low fee (£499) two-and three-year mortgages are also available.

"As other lenders have folded up their tents Woolwich continues to support the mortgage market with competitive mortgages offered at strong rates. Since the beginning of 2008 we have increased our lending to the mortgage market by almost £15 billion pounds (beginning 2008: lending of £69.8 bn, mid-year 2009: £84.4bn)".