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Woolwich cuts its fixed rates by up to 0.5%

Woolwich has cut up to 0.5% off of its fixed rate mortgage range.

The range features two, three and four-year fixed rates, all below 4%.

A three-year fixed rate at a maximum LTV of 60% is now 3.89% – a drop of 0.4% – and there is a similar cut in the 70% LTV rate.

The biggest fall is in the lender’s five-year fixed rate range, which features a 0.5% reduction.

Woolwich is retaining its cap on tracker rate increases which enables customers to know how much their rates could rise in future. The rate caps are being reduced by 0.4%.

Andy Gray, head of mortgages at Woolwich, says: “We are seeing what customers have been hoping for all along, more affordable mortgages.

“There are two main causes for this – increasing competition and reduced long-term fixed rates thanks to lower interest rate expectations.”

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