The life time tracker will, for the first two years of the mortgage, track at 0.01 per cent below base (current rate of 4.99 per cent) and then reverts to a lifetime tracker at 0.17 per cent above base for the remainder of the term. There is no early repayment charge at any time and the application fee is £1,495.
To complement the life time tracker Woolwich has slashed its rate on the five year fixed rate to 4.98 per cent, 0.31 per cent below its previous best five year fix. It will also be continuing its 10 year fix at 4.98 per cent and a simple lifetime tracker at 0.17 per cent above base rate (5.17 per cent currently).
Andy Gray, head of mortgages for Woolwich said: “These new Woolwich deals are the amongst best rates we have ever offered and lead the market in their segments offering great long term value and rate guarantees. Long term trackers have proved hugely popular with our customers over the last year, however, with future interest rate movements still uncertain we wanted to continue to offer long term fixed rates to allow customers to take any uncertainty out of their mortgage borrowings.”
The new mortgages being launched by Woolwich are:
New – 2 year discounted tracker at base -0.01 per cent with a lifetime follow on rate of base +0.17 per cent; 80 per cent loan to value; no early repayment charges; application fee £1,495;
New – 5 year fixed rate at 4.98 per cent; 80 per cent loan to value; early repayment charge 3 per cent; application fee £1,495
Extended – 10 year fixed rate at 4.98 per cent; 80 per cent loan to value; early repayment charge 6 per cent; application fee £595
Extended – lifetime tracker at base +0.17 per cent; 80 per cent loan to value; no early repayment charges; application fee £795
