Woolwich drops new mortgage rate below 5%

11 July 2006
Having recently become the official mortgage brand of Barclays Bank, Woolwich is to cut the rates of its lifetime tracker offset mortgage product to 4.98 per cent.

From Thursday (13th July), the new long-term tracker deal, fixed at 0.48 above the base rate of interest, will become the best of its kind on the market from a high street lender.

The Woolwich mortgage offer includes free valuation and legal fees for re-mortgagers for a loan of up to 80 per cent of the total property value – a higher rate of 5.09 per cent is available on mortgages of up to 95 per cent. The arrangement fee is £595.

"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," said Andy Gray, Woolwich's head of mortgages.

"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," he continued.

"Even with the best headline rate of 3.24 per cent, people can still save more than £4,500 over ten years with the Woolwich."

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