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Woolwich cuts fixes and trackers

Woolwich is reducing rates on its tracker and fixed rate ranges by an average of 0.30% with effect from tomorrow.

The range includes a one-year lifetime tracker at 2.49%, or Barclays base rate plus 1.99%, available at up to 70% LTV.

It has a £1,499 fee and an early repayment charge of 1% for two years.

Rates have also been cut by up to 0.60% on Woolwich’s two-year fixed rate to 3.69% at up to 75% LTV, and reduced by 0.50% on its three-year fixed rate to 3.99% at up to 70% LTV.

The 3.69% deal has a £999 fee, which goes down to £199 if borrowers would prefer the higher rate and lower fee option at 3.89%.

The 3.99% product has a £999 fee, or an alternative deal is available at 4.29% with a £199 fee.

The minimum loan size for the fixed rate deals is £50,000.

Andy Gray, head of mortgages at Barclays, says: “Easter is one of the busiest times of year for the housing market and with more borrowers looking for mortgages, the substantial cuts to mortgage rates are giving borrowers the right mortgage at the right time.”

The deals are available to both brokers and Woolwich’s direct channel.

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  • anonymous 6th April 2010 at 11:20 am

    this is a disgraceful offering. The LTVs are too low meaning it excludes FTBs and those looking to remortgage (even mid earners with flawless credit) and the loan size is so high that the people with low mortgages i.e. low LTVs and likely low levels of debt, that would want these will have to go further into debt jus tto get a good rate on their mortgage..

    How can someone say this is a good offering if it is barely suitable for anyone and barely affordable for anyone who actually needs it