Woolwich further strengthens mortgage range

Woolwich is to introduce a new 75% tier for the first time since the Autumn of 2008, giving competitive rates on its popular 2 year fixed and tracker range.

The new 75% loan to value range includes a two-year fixed rates at 3.99% and 4.09%,  and lifetime tracker at 2.94% [Barclays base rate + 2.44%] and 3.34% [Barclays base rate +2.84%].  In addition the 70% loan to value tracker a current best buy is being reduced from 2.79% to 2.77%.

Andy Gray, head of mortgages at Woolwich said: "We are introducing a tier of mortgage lending which we haven't offered since the start of the recession."

"This is the fifth time we have lowered our rates since the beginning of September and we are definitely seeing a trend in the market for lower rates and more competition.  With more people looking for mortgages, the new range and tier gives greater choice for borrowers with good rates at the right time."

The mortgages are available at the same rates to both direct branch customers and via intermediaries.

The new 75% loan-to-value products are available for loans up to £500,000.