UK Money News
21st July 2008
Woolwich cuts rates on fixes
Woolwich has become the latest lender to confirm it is to cut the cost of its fixed rate mortgage products.
The reduction will see the rate on its three-year fixed rate offering cut from 0.20 per cent to 6.29 per cent.
Meanwhile, the lender's ten-year fixed rate deal will now feature a rate of 5.97 per cent, which makes it the most competitive on the market.
News of the move comes after Halifax, Nationwide and Abbey have all recently announced they were trimming rates on their fixed rate mortgages, following a reduction in swap rates.
Andy Gray, head of mortgages for Woolwich, said: "We have seen an improvement in the swap rates recently and have taken the opportunity to reduce our longer term fixed rates where we see customers can get the best value at the moment.
"We have also decided to introduce a market leading Lifetime Tracker rate as we still feel this type of product offers the best value in the market at the moment, easily out stripping any two-year fix."
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