Woolwich launches three new fixed rates as future of quick base rate cuts looks less certain

From Thursday January 17th, 2008, Woolwich is launching a raft of lower fixed rate mortgages at rates as low as 5.59 per cent for its 10 year deal,

5.69 per cent for the five year fix and 5.89 per cent for the two year fix.

The ten year fix has been cut by 30 basis points, the five year by 26 basis points and the two year by 20 basis points.

Woolwich now has suite of excellent fixed rate products.

Andy Gray, head of mortgages for the Woolwich, said: "SWAP rates have been coming down since the beginning of December but there is still a lot of uncertainty in the market overall and fixed rates have therefore been slow to follow.

However, further recent falls mean that we are able to pass on those cuts to customers in a range of fixed rates that are as keenly priced as anything in the market.

"The overall economic outlook means that there are still inflationary pressures in the UK economy and therefore although the overall trend in interest rates is down there is a little more uncertainty as to how quickly they will fall.

We therefore think over the next few weeks there will be an increase in demand for fixed rates over trackers, especially for those that are competitively priced." Product details on two year fixed rates: Fixed for two years at 5.89 per cent.

Reverts to tracker at base + 0.95 per cent after initial fixed rate period.

Arrangement fee £995 (can be added to the loan).

Loan to value of 80 per cent 3 per cent early repayment charge during the fixed rate period.

Borrowers can overpay up to 10 per cent per annum without any charges during the fixed rate period.

Customers switching from another lender can use Woolwich Switch and Save package with no valuation and legal costs.

Product details for five year fix rates: Fixed for five years at 5.69 per cent.

Reverts to tracker at base + 0.95 per cent after initial fixed rate period.

Arrangement fee £995 (can be added to the loan).

Loan to value of 80 per cent 3 per cent early repayment charge during the fixed rate period.

Borrowers can overpay up to 10 per cent per annum without any charges during the fixed rate period.

Customers switching from another lender can use Woolwich Switch and Save package with no valuation and legal costs.

Product details for ten year fix rates: Fixed for ten years at 5.59 per cent.

Reverts to tracker at base + 0.95 per cent after initial fixed rate period.

Arrangement fee £995 (can be added to the loan).

Loan to value of 80 per cent 6 per cent early repayment charge during the fixed rate period.

Borrowers can overpay up to 5 per cent per annum without any charges during the fixed rate period.

Customers switching from another lender can use Woolwich Switch and Save package with no valuation and legal costs.

Key features on all our residential mortgages: 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 up to 10 per cent per year.

Fully portable.

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

Back to top