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Woolwich cuts rates but puts up two-year deal

Woolwich has cut rates on its fixed rate range by up to 0.5% while increasing the rate and fees on some of its two-year products.

The Barclays-owned lender has reduced its five-year fix from 5.99% to 5.49% and has also cut its three-year fixed rate deal from 5.69% to 5.49%.

Both products are available at up to 80% LTV and come with a £999 fee.

But at the same time Woolwich has upped its two-year fixed rate deal at 2.98% to 3.14% and increased the minimum loan size from £200,000 to £250,000.

The maximum LTV remains at 70% LTV and the application fee will also stay the same at £1,999.

Fees on the two-year fixed rate deals at 3.59% and 3.89%, available up to 70% and 75% LTV respectively, are also going up from £199 to £499.

Speaking about the changes to the five-year fix Andy Gray, head of mortgages for Barclays, says: “The improvement to the five-year fixed rate mortgage will be welcomed by those looking for certainty over a longer period and with a smaller deposit.

“It’s a strong rate that will give a measure of protection from future base rate increases for those who need it most – typically those either just embarking on buying a home or not too far along.”  

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  • Annoyed 13th May 2010 at 4:08 pm

    I have recently tried to submit a straightforward application to the Woolwich only to find that they are still doing their utmost to create obstacles and deter new business. The funds booking service is only available online by way of a password supplied by Woolwich however I have been informed by them that if BT is your internet provider then you will not receive their email due to their I.T. problems.I have been waiting for more than a week for a password and guess what? The product I was applying for is now withdrawn. Disgraceful behaviour once again Woolwich. No matter how good your rates are is irrelevant if they cannot be accessed. I will not be wasting any more time and will use a responsible lender instead.