Woolwich introduces new 10 year fixed rate mortgage

Woolwich, have introduced a 10 year fixed rate mortgage with the intention of giving borrowers longer term security.

It comes with a rate of 5.59%, which then reverts to 0.95% above the Bank of England base rate afterwards.

It also has up to 80% LTV or 95% LTV at a rate of 5.99%.

Andy Gray, head of mortgages at Woolwich, said that the Woolwich wants to give borrowers long-term value.

"With many borrowers coming off cheap fixed-rate deals this autumn, and many people in the market worried about volatility in interest rates, this product offers long-term security," he said.

Only last month, Woolwich launched a new 2-year fixed-rate mortgage along with a tracker for high value properties.