The new mortgages include:
2 year fixed down from 5.99 per cent to 5.79 per cent
3 year fixed down from 5.69 per cent to 5.54 per cent
5 year fixed down from 5.79 per cent to 5.64 per cent
10 year fixed down from 5.69 per cent to 5.64 per cent
All of the above have a £995 fee and maximum loan to value of 60 per cent.
In response to customer need, Woolwich has introduced a competitive new tier up to 75 per cent loan to value, including a new 3 year fixed at 5.84 per cent, and a new 2 year fixed at 5.99 per cent.
Under Woolwich’s Switch and Save Package, customers who are remortgaging will also have their legal and valuation fees covered by Woolwich.
Changes to lifetime trackers include a new tracker with no fee and no early repayment charge down from base +0.89 per cent to base +0.84 per cent, remaining the most flexible product available. Another lifetime tracker has a £995 fee and one per cent early repayment charge down from base +0.69 per cent to base +0.64 per cent. All lifetime trackers with an early repayment charge now also come with a drop lock feature whereby customers can switch (or ‘lock’ into) a fixed rate at any time during the early repayment charge period. The minimum loan size for the fee free lifetime tracker mortgage, previously £50,000, has also been removed.
“With many commentators expecting base rates to come down, people are looking for good value trackers,” said Andy Gray, Head of Mortgages for Woolwich. “With our drop lock option, anyone taking a tracker with an early repayment charge will benefit from any base rate reductions, whilst having the flexibility to switch to a fixed rate to ‘lock in’ when the opportunity is right. We’ve also removed the minimum loan size on our lifetime tracker, increasing its appeal to a wider range of customers.”
