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Fixed rate mortgages slashed


Due to rising interest rates, Woolwich have decided to bring a new low borrowing rate on their 2-year fixed rate product.

It is a 5.89 per cent, thirty basis points lower than its existing product. Homeowners will not have to pay legal fees with this deal; it also includes a free valuation check, making this the finest remortgaging product on the market today.

Head of mortgages for Woolwich, Andy Gray commented: “This new product allows borrowers to fix now to cover any hikes over the next couple of years. For those who only need short-term security and want to see what rates do, the 1 year Fix and Track (5.39 per cent) gives a really good solution. The Fix and Track deal has the advantage of tracking rates down after one year if the interest rate situation takes a turn for the better.”

Product detail on two year fixed rate:

The product has the following advantages, a fixed deal until September 2009, an arrangement fee of £995, 3 per cent early repayment charge during the first 2-years. Borrowers have the choice to pay a 10 per cent overpay without being struck any charges and the maximum mortgage is up to £500,000.

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