Woolwich improves its fixed rate mortgages

The Woolwich has made their fixed rate mortgages better value for first time buyers by reducing rates on their two and five-year fixed-rate deals.

By fixing their loan to values at 95% across the board, the group has reduced its two and five-year mortgages form 5.99% to 5.79% albeit for a fee of £595.

They have also lowered the rate on their fee-free fixed-rate mortgage from 6.19% to 5.99%.

The head of Woolwich mortgages Andy Gray, said: "There is usually an up-lift in mover activity at this time of the year, and we are targeting those having smaller deposits, most often first-time buyers."

Woolwich customers will not incur higher lending charges as Woolwich thinks that wise homeowners will be able to make good savings over the mortgage term.
At the end of their fixed term, the mortgages will revert to a lifetime tracker base rate rather than a standard variable rate.