Woolwich launches market leading 10 year fix

Edited by the Insidemoneytalk editorial team Sep 17, 2007

Woolwich is launching a new ten year fixed rate mortgage at a market leading 5.59 per cent this Friday (14/9/2007) as long term swap rates have decreased markedly over the last week

Andy Gray, head of mortgages for the Woolwich, said: "There has been a lot of speculation in the market about where mortgage rates are heading.

However, whereas some lenders are having to re-price upwards, our funding reflects our strength and we are able to take advantage of the current decrease in long term SWAP rates, and price a 10 year fix well in advance of anything else in the market.

"Our aim is to offer borrowers value over the long term.

With many borrowers coming off cheap fixed rate deals this autumn, and many people in the market worried about volatility in interest rates, this product offers long term security.

We are expecting this to be very popular with borrowers as they look to guarantee the monthly payments for their biggest outgoing for the long term." Product detail on ten year fixed rate:Fixed for ten years at 5.59 per cent Reverts to tracker at base + 0.95% after ten years Arrangement fee £995 (can be added to the loan) Loan to value of 80 per cent 6 per cent early repayment charge in the first 10 years Borrowers can overpay up to 5% per annum without any charges in the first 10 years.

In addition: For Loan to Value of 95 per cent there is a rate of 5.99 per cent.

Key features on all our residential mortgages: Customers switching from another lender can use Woolwich Switch and Save package with no valuation and legal costs.

Maximum flexibility: overpay, underpay and payment holidays Available to all existing and new customers No higher lending charge or early repayment charge beyond the fixed, capped or discounted period.

Daily interest Flexible features on fixed rate mortgage such as overpaying by 5 per cent per year.

Fully portable Customers can find out more about all Woolwich new and existing mortgages by contacting their local Barclays or Woolwich branch, via the internet on or by telephoning 0845 607 1111.