Fixed rate mortgages cut by Woolwich
Woolwich are looking to cut its fixed rate mortgages by 0.32 per cent, this has been due to the result of lower swap rates.
The ten-year fix rate product will be reduced to 5.97 per cent, the lender’s three year fixed rate to drop by a staggering 0.20 per cent to 6.29 per cent.
The UK’s leading firm are also introducing a Lifetime Tracker at 5.69 per cent, this tracking 0.69 per cent over the current base rate; these new lifetime mortgages have been suggested to become the leading choice made by all UK consumers.
Andy Gray, head of mortgages at Woolwich commented: “We have decided to introduce a market leading Lifetime Tracker rate as we still feel this type of product offers the best value in the market at the moment, easily out stripping any two year fix.”
“A couple of weeks ago we reduced the rate to a maximum of 0.10 percentage points and this week all our new products will be available direct or through brokers at the same price.”
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