Woolwich offers new fixed rate mortgages

Woolwich has acted on its belief that the market for fixed rate mortgages is set to increase by launching three new products in the category.

The lender has made new two, five and ten-year products available, offering mortgage interest rates of 5.89 per cent, 5.69 per cent and 5.59 per cent respectively.

All three offering allow a loan-to-value of up to 80 per cent of the property purchase price, with a £995 arrangement fee that can be added to the cost of the mortgage.

Andy Gray, head of mortgages at Woolwich, said: "The overall economic outlook means that there are still inflationary pressures in the UK economy and therefore although the overall trend in interest rates is down there is a little more uncertainty as to how quickly they will fall."

"We therefore think over the next few weeks there will be an increase in demand for fixed rates over trackers, especially for those that are competitively priced."

Woolwich's mortgages, which areavailable through Barclays, also offer a Switch and Serve facility for homeowners looking to move from another lender.

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