Woolwich 'offers high street's best remortgage package'

Woolwich has cut the borrowing rate on its two-year fixed mortgage, reportedly making it the best fixed-rate remortgage deal for this period from a high street lender.

The rate of the deal has been cut to 5.89 per cent, 30 basis points below the previous offer, and free valuation and legal fees are included.

Following the two-year fixed-rate period, the deal will revert to a lifetime tracker of 0.95 per cent above base rate, which Woolwich claims will safeguard consumers against further rate rises.

The mortgage is available at up to 80 per cent loan-to-value with an application fee of £995 and early repayment charges of three per cent.

Andy Gray, head of mortgages for Woolwich, said: "Economists still expect rates to increase this year and with two increases already this summer, consumers who need to budget their monthly outgoings are getting squeezed.

"This new product allows borrowers to fix now to cover any hikes over the next couple of years."

Mr Gray also described the lender's one-year 'fix and track' offer as a "really good solution" for borrowers who want short-term security while they observe the interest rate situation.

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