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Home owners could sign up to a 2.29% fixed deal
The Woolwich have today launched a new fixed rate mortgage product that they say has the lowest interest rate for either a fixed rate or tracker rate mortgage currently available.
The rate would be 1.5% lower than any that the lender has previously offered and at 2.29% above base for life, it is certainly a life line for those looking for a bit of stability in paying their mortgage repayments for the next year. After the first year of the deal, the rate would be at 2.29% above the base rate for life. The mortgage would only be available to those with a 60% loan to value ratio. The Woolwich have been a consistently popular lender to home owners, during the third quarter of 2008 they provided 32% of the UK’s net lending on new mortgages which was an increase of 7% compared to figures for 2007.
Andy Gray, head of mortgages at Woolwich said, “We are seeing some of the best mortgage rates in a generation. This is down to increasing competition and the falling cost of lending for the banks”.
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