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Woolwich cuts fixed-rate mortgage products

Woolwich has slashed the rates on its fixed term mortgages by up to 0.5 per cent.

Its two-year fixed rate product, which requires 80 per cent LTV, has been reduced to 5.49 per cent from 5.99 per cent, plus a £999 fee.

One of its two-year fixed deals at 70 per cent LTV has been cut from 4.09 per cent to 3.89 per cent, plus a £499 fee and min £50k loan. This same product is also available at a slightly higher fee of £999 for 3.79 per cent, down from 3.99 per cent.

Woolwich has also reduced the rate on its three-year fixed deal to 4.59 per cent down from 4.69 per cent, with a 70 per cent LTV requirement, £499 fee and min £50k loan.

Woolwich has also launched new two, three and five-year deals, as well as a buy-to-let mortgage. It is also launching a lifetime buy-to-let tracker at 60 per cent LTV with a 3.49 per cent rate.

Moneysupermarket.com mortgage spokesperson Hannah-Mercedes Skenfield says: “It is exciting to see yet another round of rate reductions from Woolwich. However the really good news is that borrowers with higher LTV requirements, up to 80 per cent, are also set to benefit.

“With consumer focus currently on variable rates I will be very interested to see how consumer react to the new opportunities in fixed rates and even more so in how quickly the other major lenders respond to Woolwich’s latest play for an even greater share of the mortgage market.”

Skenfield  says this latest reduction in rates demonstrates “that competition is certainly hotting up between the major players”.

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