Woolwich relaunches lifetime tracker mortgage

Woolwich has relaunched its lifetime tracker mortgage, guaranteed to stay at 0.19% above the Bank of England base rate with no arrangement and no redemption penalties.

Andy Gray, head of mortgages for Woolwich, says: Money markets have pushed the cost of short term fixed rates above 5% so it is making them uncompetitive compared to tracker deals.

We expect base rates to peak at 5% by the end of this year, so tracker deals will still continue to offer better value over the longer term.

Those borrowers who are nervous about interest rates movements should opt for our latest long term deal a competitive fixed rate of 4.98% for 10 years.