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Woolwich to cut fixed rate mortgages

Woolwich is to cut its fixed rate mortgages by as much as 0.32 per cent as a result of lower swap rates.

Its ten year fix will decrease to 5.97 per cent, while the lender’s three year fixed rate will drop by 0.20 per cent to 6.29 per cent.

Woolwich’s five year fixed rate will decrease by 0.10 per cent to 6.29 per cent.

The bank is also introducing a Lifetime Tracker at 5.69 per cent, tracking 0.69 per cent above base rate for the life of the mortgage.

All of these new products will be available direct or through brokers at exactly the same rates.

Woolwich head of mortgages Andy Gray says: “We have seen an improvement in the SWAP rates recently and have taken the opportunity to reduce our longer term fixed rates where we see customers can get the best value at the moment. We have also decided to introduce a market leading Lifetime Tracker rate as we still feel this type of product offers the best value in the market at the moment, easily out stripping any two year fix.”

“We are also pleased that we have been able to narrow the gap in product pricing to brokers. A couple of weeks ago we reduced the rate to a maximum of 0.10 percentage points and this week all our new products will be available direct or through brokers at the same price.”


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