Woolwich Launches Market Leading Tracker Mortgages

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With competition mounting in the mortgage market, Woolwich is today [Tuesday 6 October] reducing rates by 0.45% on its leading tracker mortgage.

We're seeing more interest in tracker mortgages, probably related to the combination of rock-bottom, stable base rates and an increasingly competitive market. These new mortgages have the potential to appeal to significant numbers of customers.

With competition mounting in the mortgage market, Woolwich is today [Tuesday 6 October] reducing rates by 0.45% on its leading tracker mortgage, down to 2.79% [base rate plus 2.29%, 70% LTV, £999 fee, 1% ERC for 2 years] from 3.24% [base rate plus 2.74%].

Also being launched is the lowest fee-free tracker mortgage on the market at 3.19% [base rate plus 2.69%, 70% LTV, £0 fee, 1% ERC for 2 years].

The new rates make these the lowest tracker mortgages in their class, and represents the third mortgage rate reduction by Woolwich in two months.

"These mortgages should hit all the right targets for customers," said Andy Gray, head of mortgages at Woolwich.

"They are extremely competitive, have a zero-fee option, and are well-placed to take advantage of the increasing customer demand for tracker mortgages.

"Our leading tracker [base plus 2.29 %] requires a full ten per cent less in terms of deposit than its closest competitors. Meanwhile for those who want the choice there's the zero-fee tracker mortgage.

"We're seeing more interest in tracker mortgages, probably related to the combination of rock-bottom, stable base rates and an increasingly competitive market. These new mortgages have the potential to appeal to significant numbers of customers."

Anyone remortgaging can benefit from Woolwich Switch and Save, which covers the cost of valuation and in house legal services.

Woolwich is also removing the upper and lower loan size restrictions on its historically low 1 year discounted tracker, currently available at 1.98% [base rate plus 1.48%].

The mortgages are available at the same rates to both direct branch customers and via intermediaries.

Since the beginning of 2008 Woolwich has increased lending to the mortgage market by almost £15 billion pounds [beginning 2008: lending of £69.8 bn, mid-year 2009: £84.4bn].

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David Peiris

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