The Woolwich has launched a tracker mortgage at less than 2%.
With the Libor having fallen tracker mortgage rates have got cheaper. In response to cheaper funding costs the Woolwich has decided to launch a new one year tracker for 60% loan to value at a low rate of 1.98%.
Its new product is in addition to several other rate cuts. It is also in addition to its launch of a 10 year fixed rate mortgage for 60% loan to value at what it considers as a competitive 5.29%.
With the base rate predicted to remain low until November 2016, tracker mortgage-holders could be set to benefit from low cost mortgages for some time to come. Analysts predict that the base rate could be cut by 0.25% by February, and say it is unlikely that a rise will then happen prior to 2016 when it could increase to 0.75%.
In light of predictions, a tracker could be a good option for those home-owners willing to take a risk to achieve a low rate. In addition to a rate at under 2% fees have also been set relatively low at £999.
As well as releasing a one year tracker, its 2 year fixed mortgage rates have been cut. A 2 year fix for up to 70% loan to value is now on offer at 3.99% with a fee of £999. Woolwich has also announced that 3 year fixed rates have also been cut for up to 70% loan to value.
Whether you are looking for a fixed rate or tracker mortgage, you are recommended to call Deal Direct for advice and an up to date quote.
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