Woolwich launches lifetime tracker

Woolwich has launched a tracker guaranteed to stay 0.18% above the Bank of England base rate for life, with no arrangement and no redemption penalties.

The launch coincides with a new TV advertising campaign as well as the release of a 10-year fix at 5.28%.

Andy Gray, head of mortgages for Woolwich, says: The improvement in the outlook for long term interest rates is allowing us to offer a 10-year fixed rate.

At the same time we will be cutting the rate on our best buy lifetime tracker and five-year fixed rates to provide consumers who are worried about future rises in interest rates with complete certainty.

The lifetime tracker will reduce to base plus 0.18% from plus 0.23% with the optional purchase of a cap at 5.99%.

“The five-year fixed is cut from 5.69% to 5.49% and the 10-year fixed rate will be a best buy reducing from 5.37% to 5.28%.

The lifetime tracker and the 10-year fixed provide consumers with great long term value and added protection for those worried about future rate rises.