The deal has a current rate of 5.92 per cent, with no arrangement fee and is available for mortgages up to 60 per cent loan-to-value (LTV). A rate of BBR plus 0.28 per cent is available up to 80 per cent. There are no early repayment charges (ERCs).
The lender has also launched a two-year discount tracker at BBR minus 0.16 per cent, which reverts to BBR plus 0.95 per cent after the discount period. The rate is available up to 80 per cent on a maximum mortgage of £500,000, with an arrangement fee of £995. There is an ERC of 1 per cent for the deal period.
A one-year fix is also available at 5.39 per cent, which reverts to a lifetime tracker of BBR +0.39 per cent. It has an arrangement fee of £595 and is available up to 80 per cent LTV.
All deals are fully portable and Woolwich will cover legal and survey fees for customers switching from another lender on its Switch & Save facility.
Andy Gray, head of mortgages for Woolwich said: “Interest rates are getting near the top of their cycle and tracker mortgages are proving more popular than ever as they tend to have a lower starting rate than other products.”
James Cotton, mortgage specialist for London & Country, said: “Woolwich has been very good in the lifetime tracker market. The lack of fees and help with costs really helps with small mortgages, though people must bear the LTV in mind.”
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