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Woolwich raise mortgage rates

04/03/2009


Popular mortgage lender Woolwich have raised the cost of its mortgages due to an expected base rate cut from the Bank of England which is due this Thursday.

Woolwich, which is the UK’s sixth biggest lender, has raised tracker and fixed rate mortgages up to 0.3 per cent. Tracker mortgage which have a 2 year term have increased from 2.74 per cent to 2.99 per cent above the base rate.

The increase in mortgage-funding costs has added to the raise in mortgage rates for the Woolwich over the last few days. Woolwich have also said that they have witnessed exceptional demands for their products and wanted to control the level of business it was getting to maintain their service levels.

It has been said that other lenders are going to follow in Woolwich’s footsteps and increase mortgage rates in the near future.


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