Woolwich cuts mortgage rates

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Woolwich cuts mortgage rates

Tue, 22 Jul 2008

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.

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