Woolwich cuts fixed rates
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Woolwich has cut the rates on its fixed rate mortgages by up to 0.5% points, as it launches new two, three and five-year deals, as well as a buy-to-let mortgage.
This is the fourth rate reduction in two months from Woolwich.
Its two-year fixed rate 80% LTV deal has been reduced to 5.49% from 5.99%, with a £999 fee.
At 70% LTV, one of its two-year fixed deals has a rate of 3.89%, down from 4.09%, with a fee of £499, min £50k loan.
It is also available at a slightly higher fee for 3.79%, down from 3.99% and a fee of £999.
It has also reduced the rate on its three-year fixed deal to 4.59% down from 4.69% at 70% LTV with a fee of £499, min £50k loan.
It is also launching a lifetime buy-to-let tracker at 60% LTV with a 3.49% rate above base rate and a 1.75% fee with a minimum loan size of £175,000.
Andy Gray, head of mortgages at Woolwich says: “Our re-launched two year fixed rate mortgages will be extremely attractive to new and existing customers. People with smaller deposits in particular will welcome the new two-year fixed rates.
“Woolwich is competing fiercely on all fronts - trackers, fixed rates and offset mortgages, have all been reduced or introduced in the last two months.”
All Woolwich mortgages are available for both direct customers and through intermediaries.
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Readers' comments (3)
Matthew Sedgley | 21 Oct 2009 10:36 am
The Woolwich should be praised for their efforts and continued support of the intermediary. If other lenders adopted the same approach the moortgage and housing markets would stand a better chance at recovery.
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Anonymous | 21 Oct 2009 12:05 pm
I am not knocking what they are doing, it is just a shame they and in turn all lenders haven't started to offer higher LTVs.
If someone wants to borrow 90% (or even perhaps 95%) and is well within 'sensible' income multiples and affordability, house prices are already low(er) - therefore minimal risk. Especially if they have a quality MPPI.
All the 60, 70 & 80% deals are fine but until they go 90%/95% with sensible rates and not crazy fees the housing market (lending market) will be slow burn for a long while to come.
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Matthew Sedgley | 21 Oct 2009 4:03 pm
The Woolwich should be praised for their efforts and continued support of the intermediary. If other lenders adopted the same approach the moortgage and housing markets would stand a better chance at recovery.
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