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Woolwich cuts rates by up to 0.5%

Mortgage Solutions
Written By:
Mortgage Solutions
Posted:
Updated:
26/03/2009

Woolwich is to cut rates by up to 0.5% on its fixed and tracker mortgages, as well as its offset mortgage.

The new range features two, three and four-year fixed rates all below 4%. The largest fall is in the five-year fixed mortgage range, with a 0.5% cut.

Woolwich said it is retaining its cap on tracker rate increases, as it enables customers to know exactly how much their rate could rise in the future. The rate caps are being reduced in line with the tracker and offset rates by 0.4%.

Andy Gray, head of mortgages at Woolwich, said: “What we are seeing is what customers have been hoping for all along – more affordable mortgages. There are two main causes for the change – increasing competition in the market and reduced longer term fixed rates thanks to lower interest rate expectations. The last three months have seen an increase in mortgage activity across the UK, and our more competitive mortgage range can only help.”


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