Woolwich offers its lowest-ever fixed-rate mortgage
30 January 2009
Mortgage lender Woolwich has launched a new mortgage with a fixed rate of 2.29%, in a move that could spark increased competition in the market.
The rate is the cheapest fixed-rate deal ever offered by Woolwich, which is part of Barclays.
Homeowners on this mortgage deal will pay the fixed rate for one year, after which they will automatically move onto the lender’s tracker mortgage rate. The deal is only available to those borrowing between £200,000 and £500,000, and the buyer must provide at least a 40% deposit.
In the past few weeks, several other lenders have cut rates on their fixed-rate mortgages.
A mortgage expert for Think Money said: “Although this new mortgage deal is only being offered on more expensive mortgages, it is another sign that lenders are becoming more competitive.
“With that in mind, it’s important that anyone looking for a mortgage or remortgage speaks to an expert mortgage adviser. The right mortgage advice could take a lot of the effort out of finding the best deal.”
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Tags: mortgage, mortgages, remortgage, remortgages, woolwich, fixed rate, fixed rate mortgage
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