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Woolwich cuts two year fix to 5.59 per cent

Woolwich has cut as much as half a per cent off its fixed rate mortgages and says it will maintain tracker rates at current levels.

From September 25 Woolwich is launching a raft of lower fixed rate mortgages at rates as low as 5.59 per cent for two and five year deals.

The five year rate is half a per cent per annum lower than the previous five year fixed rate. The two year fixed rate is also being priced at 5.59 per cent, a cut of 0.30 per cent and with no upper limit on the amount borrowed.

Woolwich has also taken the decision to maintain all its tracker rates at current levels which means that the signature Lifetime Tracker remains at 0.17 per cent above base.

Woolwich head of mortgages Andy Gray says: “We are moving towards a situation for borrowers where Woolwich is now able to offer product pricing which few in the market can match. It is almost unprecedented to be able to offer two, five and ten year fixed rates at exactly the same rate. It also means that borrowers who are on very competitive two year deals that finish this Autumn are going to see a much lower increase in their mortgage payments than they might have feared a month ago.

He adds: “The other good news is that unlike our competitors our strong position means we are maintaining and not changing any of our tracker rates, meaning we can offer attractive deals in all segments of the market. We have already seen a lot of interest in the ten year fix we launched last week, and we are prepared for a bigger rush as our new range is released.”

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