Woolwich announces new mortgage deals

Date:Wednesday 16th September 2009
Author: Max Freedman

A new Woolwich tracker mortgage deal has been announced at 1.98 per cent interest each year for loans of £200,000 or more.

The one-year tracker mortgage is available on 60 per cent loan-to-value applications and involves paying the Barclays base rate plus 1.48 per cent.

Andy Gray, head of mortgages at Woolwich, pointed out that if the Bank of England's base rate remains the same then the customers would finish the year on the tracker rate and move onto the 2.99 per cent interest deal, which he states is also very strong.

He said: "It's a good mortgage, particularly for those who believe the best mortgage rates are still to come, and also for customers simply looking for a short-term, competitive home for their mortgage."

The lender also cut the interest on its two-year fixed-rate mortgages to 3.99 per cent and 4.09 per cent.

Mortgage broker John Charcol recently highlighted that Woolwich is one of a number of organisations which offer mortgage products with the flexibility to make early repayments with being charged a large fee.