New mortgage rates from the Woolwich

The Woolwich have today announced the launch of a new market leading lifetime tracker rate for those who wish to borrow up to 60% of the value of their property. The new rate will track at 0.69% above the Bank of England base rate for the life of the loan, and is available for both those wishing to purchase a home and those wishing to remortgage from another lender. The scheme has an arrangement fee of £995 which can be added to the loan, and there are early repayment penalties of 1% of the loan for repayments of more than 10% of the capital within the first three years.

At the same time, Woolwich have taken the opportunity to lower rates on three of their current fixed rate schemes. With effect from tomorrow, the 6.49% three year fixed rate will be repriced to 6.29% and the 6.39% five year fixed will also be set at 6.29%. The ever popular ten year fixed rate at 6.29% will be reduced to 5.94%, and all schemes will continue to bear a £995 arrangement fee. As with the schemes these replace, loans are available for up to 60% of the value of the property.

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