Woolwich Three-Year Capped Rate mortgage unveiled

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Woolwich Three-Year Capped Rate mortgage unveiled

A Woolwich Three-Year Capped Rate mortgage has been launched today, with a guarantee that the rate will not rise above 4.89 per cent – a level the lender claims is better than many three-year fixed-rate offers.

The rate will be linked to the company's standard variable rate for the three-year period, reflecting that level if it moves below 4.89 per cent.

An early redemption charge will apply during the three-year capped period – this will equate to three per cent of the overall balance.

The Woolwich Three-Year Capped Rate mortgage also has an arrangement fee of £495.

Andy Gray, head of mortgages at Woolwich, said: "The increasing uncertainty over the direction interest rates will take in the short term means there is a growing demand for a cap in the hope that rates may in fact head south."

A set of two, three and five-year fixed-rate products at 4.99 per cent and with arrangement fees of £495 were also announced by the company. At the end of the fixed-rate terms the deals will track at 0.95 per cent above the Bank of England base rate.

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