Woolwich Lifetime Tracker mortgage launched

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Woolwich Lifetime Tracker mortgage launched

Tue 2nd May 2006

A Woolwich Lifetime Tracker mortgage has been unveiled, with a guarantee that its rate will stay at 0.19 per cent above the Bank of England base rate for life – giving it a current rate of 4.69 per cent.

This rate is available at up to 75 per cent loan-to-value (LTV) – customers wishing to take up an offer up to 90 per cent LTV will be offered a rate of 0.49 above the base rate, while 0.69 per cent will be added for those taking up an LTV of 95 per cent.

The deal does not have any early repayment charges or arrangement fees and, according to Woolwich, a total cost of almost £1,000 over a five-year period could be saved in comparison to its competitors.

Woolwich states that the offer is intended to show customers that they do not need to enter into a cycle of consistent remortgaging to secure the best deals.

"What we are now finding is that there are an increasing number of people who are tired of switching products every few years," said Andy Gray, head of mortgages for Woolwich.

"This points to people not wanting to pay redemption penalties in lieu of headline-grabbing low rates and are more interested in having a simple competitive rate for the term of the mortgage – this is what our Lifetime Tracker product does."

The Woolwich Lifetime Tracker mortgage is available now and offers flexible features in the form of overpayments, underpayments and payment holidays.