20
Jan
Woolwich announces mortgage rates reduction
The Woolwich has become the latest lender to reduce interest rates
on its mortgage products.
Effective from January 20th, the building society's range of
tracker mortgages will have rates of up to 0.2 percentage points
lower and it expects the deals will prove attractive to consumers,
especially in light of the widespread attention the tracker sector
has been receiving recently.
The company now offers a 70 per cent loan-to-value ratio lifetime
tracker at 2.63 per cent with a £999 fee. Without a fee, the
same product is available at 2.99 per cent.
Head of mortgages Andy Gray commented: "Our new rates ... are
outstanding - they're very competitive and should prove extremely
popular."
The move follows rate cuts by a number of other lenders, including
Coventry Building Society. On January 15th, it reduced rates across
its residential mortgage portfolio by up to 0.54 per cent and also
lowered the deposit required on several of its deals.