UK Money News

Money News

9th July 2008

The Woolwich unveils new fixed-rate mortgage offer

Woolwich Building Society has announced it is to launch a new fixed rate mortgage in the face of soaring demand for the products from consumers.

Under the terms of the offers, homeowners will have payments fixed at 6.49 per cent for three years with a maximum loan to value of 90 per cent.

The lender also confirmed that it is to cut the repayment rate on its Lifetime Tracker offering.

As a result of the cut, it is claimed that borrowers can benefit from a rate that is 1.18 per cent better than the average two-year fixed rate offering.

Andy Gray, Head of Mortgages for Woolwich, said: "The two year fixed rate market is hugely volatile at the moment.

"We have decided that our customers will be better served by other products such as the Lifetime Tracker which offers a much lower rate and full flexibility to change to another rate at a later time."

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