20 Jan

Woolwich announces mortgage rates reduction

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.ADNFCR-1222-ID-19567640-ADNFCR

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