Alongside the Offset deal we will also provide all new fixed rate mortgages with a built in lifetime tracker to give borrowers a guarantee for life after their fixed rate period ends.
Andy Gray, head of mortgages for Woolwich said: “There is more demand now for long term lifetime tracker deals and we are leading the market to guarantee an extremely competitive mortgage rate on Offset, plus a range of fixed rate mortgages that offer life time value when they revert to tracker, so customers get the “best off both”.”
Key features of the new Offset deal are as follows:
- Tracks at +0.59 per cent over base for life
- £445 arrangement fee
- Deal available to new borrowers wanting to re-mortgage under our Switch & Save package where no valuation or legal costs are incurred
- Linked to current and savings accounts so interest is only charged on the difference between their borrowing and the total in the accounts, calculated daily
- No higher lending charge or early repayment charge
Andy Gray added: “Some of the Offset deals available don’t link to a current accounts and we know that the average balance held in a current account through a month is over £2,000. Linking this to an offset mortgage can take a year off the mortgage term and save over £5,000* in avoided interest payments.”
Key features of the new fixed rate deals with guaranteed lifetime tracker:
- Three year fixed rate at 4.99 per cent + £500 cashback (ftb only), £100 application fee
- Two year fixed rate at 4.79 per cent and five year fixed at 4.89 per cent, £445 application fee. Both of these deals are also available to new borrowers wanting to re-mortgage under our Switch & Save package where no valuation or legal costs are incurred
- Fixed rates with no application fee at 4.99 per cent for either two years or five years. Both of these deals are also available to new borrowers wanting to re-mortgage under our Switch & Save package where no valuation or legal costs are incurred
- At the end of the initial fixed rate terms the guarantee of a life time value rate at 0.95% above base for life
- No early repayment charges beyond the fixed rate period
- No higher lending charge
- Flexible features
- Available up to 95 per cent loan to value
- Daily interest
All mortgages are available through Woolwich and Barclays to both new and existing customers.
