New Woolwich Offset mortgage rates introduced

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New Woolwich Offset mortgage rates introduced

Woolwich has altered its offset mortgage interest rates so that they stay above the Barclay's base rate for the life of the product.

A 0.39 per cent increase on the base rate will be offered for life on the long term tracker mortgage with the base rate currently standing at 5.14 per cent.

Allied to this, the flexible life time tracker is available at 0.17 per cent above the base rate, which Woolwich claims makes it the "best priced long term tracker on the market".

The head of mortgages at Woolwich, Andy Gray, commented: "When we first launched offset six years ago the rate was set at 0.75 per cent above base and although it became a very popular product it was seen as one that benefited those with large savings balances the most.

"However, today with the rate at just 0.39 per cent above base rate, offset is better value than most trackers in the market."

Woolwich says that customers expected to benefit most from the improved offerings will be those with modest to large balances and individuals who are self-employed.

Woolwich forms part of the Barclay's group, which is "one of the largest financial services companies in the world", according to its website. It has 25 million customers worldwide.

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