Mark Parsons, managing director for Woolwich said: “We believe this is the best 10 year fixed rate mortgage available. Some consumers want complete certainty about their monthly payments and this mortgage gives that certainty. At the same time it gives the flexibility to overpay or port the rate to another property if the economic environment changes.”
Key features of the fixed rate mortgage are as follows:
Rate fixed at 4.98 per cent until 31st October 2016 with an arrangement fee of £595
Available up to 80 per cent loan to value
Deal available to new and existing borrowers
New borrowers re-mortgage under Woolwich Switch & Save package with no valuation or legal costs
No higher lending charge
Flexible features such as overpaying by five per cent per year and portability
The mortgage will revert to a lifetime tracker to give borrowers a guarantee for life after their fixed rate period ends, this will be 0.95 per cent over base rate
No early repayment charge beyond fixed rate period, within the fixed rate period it is 6 per cent
For borrowers who need to borrow up to 95 per cent a rate of 5.29 per cent is on offer for the 10 year period.
