The Woolwich is launching a range of two year fixed rate mortgages.
The new range includes a 6.39 per cent facility under its Open Plan flexible mortgage, plus a re-mortgage with a fixed rate of 6.69 per cent for 2 years, plus a 6.84 per cent deal under the Switch and Save re-mortgage.
Borrowers who want to vary monthly payments have a Switch and Save deal under Open Plan borrowing. The product carries a fixed rate 6.64 per cent to 2002, till then borrowers can pay off up to an additional 10 per cent of capital each year without being penalised.
Woolwich spokesperson Ann Pilkington says: “The thinking behind the new range is with the interest rates being raised, borrowers may find a fixed rate attractive, but after two years rates may have gone down so borrowers will be able to take advantage.”