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Woolwich cuts its fixed rate mortgage deals


Woolwich’s 5 year fixed rate mortgage deals have been cut by 26 basis points to 5.69%

There is an arrangement fee of £995 and it has a loan to value of 80%. A 3% early repayment fee is involved during the fixed rate period and mortgage borrowers can make additional payments up to 10% each year without being charged.

Customers thinking of switching from one lender to another will be open to Woolwich’s Switch & Save package, this includes no valuation and legal costs, applicable to the 2-5 and 10 year fixed rate products only.

Head of mortgages, Andy Gray from Woolwich commented: "These SWAP rates have been coming down since the beginning of December but there is still a lot of uncertainty in the market overall and fixed rates have therefore been slow to follow.

"However, further recent falls mean that we are able to pass on those cuts to customers in a range of fixed rates that are as keenly priced as anything in the market."

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