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Woolwich launch aims to beat rate rises

Woolwich will launch a 10-year fixed rate mortgage this Thursday which it claims leads the market at 4.98 per cent.

The lenders says the product gives timely stability after the recent interest rate rise and the growing uncertainty about future interest rate movements.

The product, for new and existing customers, has an arrangement fee of 595 and is available up to 80 per cent loan to value.

The mortgage will revert to a lifetime tracker after the fixed-rate period, which will be 0.95 per cent over base. No early repayment charges are levied beyond the fixed rate period. Within the period it is 6 per cent.

For those who need to borrow up to 95 per cent a rate of 5.29 per cent is on offer for the 10 year period.

Woolwich managing director Mark Parsons says: We believe this is the best 10-year fixed rate mortgage available. Some consumers want complete certainty about their monthly payments and this mortgage gives that certainty. At the same time it gives the flexibility to overpay or port the rate to another property if the economic environment changes.

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