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Woolwich launches one-year tracker at 1.98%

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by Gill Montia
”Woolwich

Woolwich has announced its second round of mortgage rate cuts this month.

From today, the lender is introducing a one-year tracker mortgage at 1.98% for a 60% loan-to-value (LTV) deal, which comes with a £999 fee.

The Barclays-owned firm is also cutting rates on its two-year 70% LTV fixed-rate deals with a £999 fee, to 3.99%; or 4.09% with a reduced fee of £499.

The rate on a three-year fix is falling by 0.4% to 4.49% for borrowers with a 30% deposit and prepared to pay a fee of £999; or 4.69% with a £499 fee attached.

Head of mortgages at Woolwich, Andy Gray, says: “With more people looking for mortgages, the one year tracker mortgage is the right mortgage at the right time”.

He adds: “If base rate conditions remain the same, this would then roll into a 2.99% rate (Barclays base rate +2.49%), which is an extremely strong rate. It’s a good mortgage, particularly for those who believe the best mortgage rates are still to come.”

All the deals are available at the same rates to both direct branch customers and via intermediaries.

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News posted: September 17, 2009

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