(PRWEB) August 22, 2006
With the majority of short term fixed rate mortgages peaking above five per cent, Woolwich has today re-launched the lifetime tracker mortgage, guaranteed to stay at just 0.19 per cent above the Bank of England base rate (current rate of 4.94 per cent), with no arrangement and no redemption penalties.
Andy Gray, head of mortgages for Woolwich says, “Money markets have pushed the cost of short term fixed rates above five per cent so it is making them uncompetitive compared to tracker deals. We expect base rates to peak at five per cent by the end of this year, so tracker deals will still continue to offer better value over the longer term. Those borrowers who are nervous about interest rates movements should opt for our latest long term deal a competitive fixed rate of 4.98 per cent for 10 years.”
Key product details for the 0.19 per cent lifetime tracker:
Best lifetime tracker available on the high street as tracks base rate at +0.19 per cent and has no arrangement fees or tie-ins
Customers switching from another lender can use Woolwich Switch & Save package with no valuation or legal costs
Maximum flexibility: overpay, underpay & payment holidays.
Available to all existing and new customers; with no fees to pay
80 per cent loan to value
Minimum loan size £50,000
“In addition, if people opt for the short term fixed rates now it could cost them substantial amounts to re-enter the market in two or three years time when the rate matures as application fees are starting to creep up”, adds Andy Gray.
Customers can find out more about all our new and existing mortgages by visiting their local Barclays or Woolwich branch, via the website: UK Mortgages or by phoning 0845 607 1111.
Notes to Editors
Woolwich is the mortgage brand of Barclays Bank.
Barclays acquired the Woolwich in October 2000. The acquisition has given the group the opportunity to provide extensive services to our customers, for example Openplan; which was pioneered by the Woolwich has now been rolled out across the Barclays Group. This has provided numerous benefits to our customers such as paying off mortgages early through our market leading Offset product. Woolwich started 2006 with a regular flow of market leading mortgage deals and continues to drive the market with best buy 10 year fixed rates, lifetime tracker and offset deals. July 2006 – Woolwich won the award for Best Mortgage Provider (Your Money Direct magazine).
For further information please contact:
Barclays PR Manager
0207 116 6145