Woolwich cuts lifetime tracker mortgage rate

Date:Tuesday 19th January 2010
Author: Susanna Kavka

Woolwich has announced it is to cut the rate of its lifetime tracker mortgage products.

Consumers can expect to see the rates on some of the products offered by the company fall by as much as 0.2 per cent.

Reductions are available on a variety of its mortgages, including a lifetime tracker with a loan to value of up to 70 per cent.

This product is on offer with a rate of 2.63 per cent, which is the Barclays base rate plus 2.13 per cent and a fee of £999, or without the fee for a rate of 2.99 per cent.

Andy Gray, head of mortgages at Woolwich, said: "In general, tracker mortgages are getting huge amounts of attention because of the low, stable base rate environment over the last year."

These cuts follow on from the announcement last week by Coventry Building Society that it is to take 0.54 per cent off the rate of some of its fixed mortgages.