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Woolwich returns with two-year fixed-rate deal

Woolwich has returned to the two-year fixed-rate market as it says short-term swap rates are finally beginning to stabilise.

The Barclays-owned lender is offering a 5.39 per cent fix with a follow-on rate of 0.95 per cent above base rate.

The deal has an application fee of £995 and a maximum loan to value of 80 per cent. For a lower application fee of £595, a rate of 5.79 per cent is available.

Woolwich has received praise from brokers for its recent innovative product launches. It says the new product is designed to complement its existing range of tracker, capped, offset and long-term fixed rates.

Many lenders had feared that swap rates were spiralling out of control, forcing a sharp increase in rates.

Head of mortgages Andy Gray says: “Over the last year, we have been able to offer market-leading lifetime trackers, long-term fixes and capped-rate mortgages.

“The fact that the shorter-term swap rates now seem to be stabilising means that we can reenter the short-term fixed market with a very competitive rate.”

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