There will be four new products, the bank said. The first will hold a two-year discounted lifetime tracker rate at 0.01% and then revert to a lifetime tracker base of 0.17% for the remainder of the term. The second product offers a five-year fixed rate at 4.98% with an early repayment charge of 3%. The third product offers a 10-year fixed rate also at 4.98% but has a 6% early repayment charge. The final product offers a 0.17% lifetime tracker base at 0.17% with no early repayment charge.
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, commented Andy Gray, head of mortgages for Woolwich. 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.
Additional features across all of Woolwich’s mortgage products include maximum flexibility and no higher lending charge or early repayment charge beyond the fixed, capped or discounted period.
