Woolwich has cut the rates on its fixed mortgages by as much as 0.32 per cent, it has been announced.
According to the bank, its ten-year fixed-rate mortgage will fall to 5.97 per cent, making it the market leading product.
Its three and five-year fixed rate mortgages will both drop to 6.29 per cent.
Andy Gray, head of mortgages for Woolwich, said: "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."
The cut in the bank's mortgage rates has been made possible by falling swap rate - the rate at which financial institutions lend to each other, he added.
Meanwhile, research by Moneyfacts.co.uk, shows that the average cost of a fixed-rate mortgage has fallen to 6.96 per cent, while the number of products available has risen slightly.
Woolwich cuts mortgage rates
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Woolwich cuts mortgage rates
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