It says this reflects homeowners' desires for stability in a confusing housing market and demonstrating that more homeowners are taking advantage of increasingly competitive deals.
According to Andy Gray, head of mortgages for the Woolwich, this figure could rise as high as 65 per cent in the next three months.
He comments: "Consumer demand for fixed rate mortgage products has more than doubled since this time last year, rising from 13 per cent of lending in June 2004 compared to 60 per cent of lending during the second quarter of this year. With continued speculation about the economy, and the housing market and extremely competitive deals in the market it's no wonder that consumers are investing in more fixed rate products."
Woolwich has launched a suite of fixed rate deals to meet this increasing demand. All Woolwich products are available to both new and existing customers, up to 95 per cent LTV. Woolwich also scrapped its Higher Lending Charge in March 2005. Latest rates are:
- 2 Year Fixed Rate 4.69%
- 3 Year Fixed Rate 4.79%
- 5 Year Fixed Rate 4.89%
- 10 Year Fixed Rate 4.99%
- FTB 3 year Fixed Rate 4.89%
