Prompted by the uncertainty of successive rate cuts after the MPC opted to hold rates in January, the lender is offering a range of lower two, five and ten-year fixed products.
Of the longer term products, those available for ten years offer a rate of 5.59 per cent, reverting to a tracker at BBR +0.95 per cent after the initial period. It is available at 80 per cent LTV with the option to add the £995 arrangement fee to the loan.
There is a 6 per cent ERC during the fixed rate period, but no charges for overpayments of up to 5 per cent each year over the same time frame.
The two-year and five-year products are available at 5.69 per cent and 5.89 per cent respectively up to 80 per cent LTV with a 3 per cent ERC during the initial period. Overpayments of 10 per cent are allowed each year during this period without incurring a penalty charge.
As with the ten-year fix, these products both revert to tracker at BBR +0.95 per cent once the initial tie-in period is up.
All mortgages offer the flexibility to overpay, underpay and take payment holidays, with no HLC and full portability.
Andy Gray, head of mortgages for the Woolwich, said: “SWAP rates have been coming down since the beginning of December but there is still a lot of uncertainty in the market overall and fixed rates have therefore been slow to follow. However, further recent falls mean that we are able to pass on those cuts to customers in a range of fixed rates that are as keenly priced as anything in the market.
“The overall economic outlook means that there are still inflationary pressures in the UK economy and therefore although the overall trend in interest rates is down there is a little more uncertainty as to how quickly they will fall. We therefore think over the next few weeks there will be an increase in demand for fixed rates over trackers, especially for those that are competitively priced.”
Customers can find out more about all Woolwich new and existing mortgages by contacting their local Barclays branch, via the internet or by telephoning 0845 607 1111.
