Woolwich Slash Broker Rates
July 9th, 2008 by 
Guy
Woolwich has slashed the rates on its broker mortgage products by up to 0.30% on some of the deals.
They are cutting rates on its lifetime tracker mortgage products in a bid to encourage consumers to take full advantage of the flexible, fee free mortgages.The Mortgage Lender says it is doing this at a time when many borrowers are waiting for better news on short-term fixed rate deals.
They are also reducing rates on offset and longer term fixed rates as well as introducing a more competitive three-year fixed rate mortgage.
At the same time it will be introducing 90% LTV fixed mortgage products to help customers with smaller deposits access the competitive products provided by the Woolwich.
The best mortgage rate available on a Woolwich Lifetime Tracker through brokers is now 0.99% above base rate, a cut of 0.30%.
This makes it 1.08% better than the average two-year fixed rate in the market which Moneyfacts says is 7.07%.
Andy Gray, head of mortgages for Woolwich, says: “The two-year fixed rate market is hugely volatile at the moment.
“Many customers will be better served by other products such as the Lifetime Tracker which offers a much lower rate than current fixed rates and has no application fee.”
He adds: “Woolwich will also be cutting rates on its offset and five and 10-year fixed rates as well as re-introducing a three-year fixed rate at a competitive 6.49%, well below the average two-year fixed rate to offer certainty for those who would still rather fix.
“Brokers will find that all of our products through brokers are now competitively priced,and are either the same rate, or within 10 basis points, of those available directly from the Woolwich
Posted in Mortgage news | 