Woolwich lifetime tracker mortgage rates fall by 0.2%.
The Woolwich has decided to cut its lifetime tracker mortgage rates. For 70% loan to value the lender is now offering base plus 2.13%, the fee on this new reduced rate deal is £999.
The Woolwich are not the only lender to have recently cut its mortgage rates. The Halifax has reduced its rates for deals for up to 85% loan to value, it has also lowered its tracker rates by 0.2%. In addition its tracker lending criteria has been eased and maximum loan to value levels are now 70% and not 60%.
These mortgage rate reductions come at a time when there is concern that lenders SVRs could rise in reaction to increased swap rates.
SVR mortgage-holders are advised to look at their deal against the wider market, as there is likely to be a cheaper product on offer.
Fixed rates are particularly competitive and come with the added bonus of increased security against future mortgage rate rises. While SVRs were once competitive, this in most cases is no longer the case, and so the advice is to switch to a lower rate while you still can.
If you need help to remortgage call Deal Direct for advice and a quote on 0800 048 8828.
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