Woolwich launch new mortgage rates

Woolwich announced today a new and highly competitive product range designed to offer long term value, flexibility and security, and available through mortgage intermediaries. The new range of mortgage rates includes new lower priced lifetime tracker rates and offset mortgage rates, as well as brand new 3, 5 and 10 year fixed rate mortgage products.

The new mortgage products include a Lifetime Tracker Rate that starts at plus 0.99% over the base rate for loans up to 60% of property value with no lender arrangement fee, to plus 1.09% for a lifetime offset tracker rate which has a £995 lender arrangement fee.

Fixed rates now start from 6.49% for a three year fixed rate where the loan to value is 60% up to 6.89% for a 90% loan to value product fixed for ten years. The 10 year fixed rate at 6.29% with a maximum loan to value of 60% with a £995 fee remains unchanged.

Jerry Figueroa-Lee, Operations Director of The Mortgage Warehouse commented,

Those coming to the end of a fixed rate will not find these products particularly attractive. Rates fixed at 4.69% 2 years ago would see an increase of almost £300 per month on the interest charge on a £200,000 mortgage. This level of increase is going to be hard to find for many and so seeking advice from a professional mortgage adviser with access to the whole market could be a life saver for some.

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