Woolwich announce lowest ever fixed rate mortgage

The Woolwich, the mortgage brand of Barclay Bank has today announced a new lower fixed rate mortgage which is believed to be the lowest in the brand's history. The new product is available from today and offers applicants the opportunity to fix their mortgage at 2.29 per cent until the end of April next year. The fixed rate period will be followed by a period of two years, during which the applicants’ mortgage will track the Barclays Bank base rate at a margin of plus 2.29 per cent. Applicants will be able to remain on the tracker rate after the three years for the remainder of their mortgage term if they wish.

The new scheme is available for those who wish to borrow up to sixty per cent of the value of their property, and where the mortgage required is between £200,000 and £500,000. The Woolwich will charge an Early Repayment Charge if the mortgage is repaid within the first three years and there is a lending fee of £995 which can be added to the loan if required. For applicants wishing to remortgage a property they already own, the Woolwich offers a switch and save option whereby the valuation and legal costs associated with the remortgage will be met by the Woolwich.

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