Woolwich cuts fixed and tracker rates

Woolwich is cutting rates on its fixed and lifetime tracker mortgages and is introducing an LTV tier of 75%.

Fixed rates start at 5.54% for a three-year fixed deal and five and 10-year deals are both available at 5.64%.

These products are available up to a maximum 60% LTV, and carry a £995 fee.

Woolwich is also offering products on a maximum 75% LTV, including a three-year fixed rate at 5.84% and a two-year fixed deal at 5.99%.

Customers who are remortgaging under the Switch and Save package on products up to 85% LTV will also have their valuation and legal fees covered by Woolwich.

Changes to lifetime trackers include a fee-free product at base rate plus 0.94%, and a product with a £995 fee at base rate plus 0.64%.

Woolwich is also offering borrowers a drop-lock facility allowing customers to switch to a fixed rate at any time during the early repayment charge period. The minimum loan size for the fee-free lifetime tracker has been reduced from £100,000 to £50,000.

Andy Gray, head of mortgage at Woolwich, says: “With the drop-lock facility 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.”