Woolwich 10-year fixed mortgage launched

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Woolwich 10-year fixed mortgage launched

Homeowners and house-hunters looking for a mortgage with a longer term of certainty might be interested in a new product being launched by Woolwich tomorrow.

The ten-year fixed-rate mortgage comes with an interest rate of 5.59 per cent, which reverts to 0.95 per cent above the Bank of England rate thereafter.

Woolwich head of mortgages Andy Gray said that the aim with the new offering is to provide borrowers with long-term value.

"With many borrowers coming off cheap fixed-rate deals this autumn, and many people in the market worried about volatility in interest rates, this product offers long-term security," he said.

Among the features of the loan is the ability to borrow up to 80 per cent of the property value - or 95 per cent at a rate of 5.99 per cent.

Last month, Woolwich launched a new two-year fixed-rate mortgage along with a tracker for high value properties.

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