New mortgages launched by Woolwich

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New mortgages launched by Woolwich

Woolwich has introduced a new mortgage that is a combination of both fixed-rate and tracker mortgages in order to aid customers in the wake of the recent Bank of England base rate rise.

Fixed for the first two years at a rate of 5.19 per cent, the Woolwich product switches to a tracker that is 0.19 per cent above the base rate in a move the lender sees as safeguarding the interests of customers from more interest rate increases.

Andy Gray, head of mortgages for Woolwich, commented: "Economists are divided over how much higher interest rates will go with many expecting one if not two further rises.

"This new product allows borrowers, nervous about short term interest rate movements, to fix now to cover any short term hikes but then have the advantage of switching to a market leading lifetime tracker in two years which could have the advantage of tracking rates down if the interest rate situation takes a turn for the better."

Alongside the launch of the Woolwich two-year fix followed by lifetime tracker is the introduction a buy-to-let mortgage that is a lifetime tracker plus 0.49 per cent above the base rate.

Woolwich offer a range of mortgages to cater for first-time-buyers, home movers, existing customers and re-mortgagers and interest rates are available on Woolwich's website.

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