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Woolwich lowers offset mortgage rate

Tue, 11 Jul 2006

The well-known mortgage lender Woolwich has announced a product change, following the announcement that it will withdraw from the high street and become the exclusive mortgage brand of Barclays bank .

Woolwich will cut the rate on its lifetime tracker offset mortgage, taking it down to 4.98 per cent and tracking 0.48 per cent above base rate .

Woolwich was one of the originators off the offset mortgages concept, although Intelligent Finance is synonymous with the product. Woolwich launched the product in June 2000. The tracker offset loan has no valuation or legal fees for remortgages, and a loan to value of up to 80 per cent. Furthermore, the deal has no early redemption penalties and an arrangement fee of £595.

The head of mortgages at Woolwich, Mr. Andy Gray, reportedly said that: "Woolwich built its reputation on innovation and six years after its initial launch we are pleased to be able to offer our lowest ever rate on our offset mortgage. Borrowers should not to be enticed by short term discounted Offset rates as all the rates in the market today revert to a higher rate than ours, even with the best headline rate of 3.24 per cent people can still save more than £4,500 over 10 years with the Woolwich. The take-up of Offset and tracker mortgages have doubled in the last three months as SWAP rates continue to be pushed ever higher making fixed rate mortgages expensive by comparison. With interest rates still low savers are fairly restricted with few long-term rates above five per cent. We think the market is ripe for the offset mortgage to come back into its own with the product likely to appeal to a wider audience than ever before."
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