Mortgages Uncovered

The Woolwich’s 5 year fixed rate mortgage deals see the biggest reductions of all.

There have been a good number of cuts on the mortgage interest rates across the Woolwich’s range of products with the largest reductions being seen on their fixed five year mortgage products seeing the biggest savings for customers.

The popular financial services provider states the 5 year fixed rate deals are set to see a further reduction of 0.5% whilst the 3 year fixed rate products will receive a 0.4% cut.
Andy Gray, head of mortgages at Woolwich, said:

“What we are seeing is what customers have been hoping for all along – more affordable mortgages. There are two main causes for the change – increasing competition in the market and reduced longer term fixed rates thanks to lower interest rate expectations. The last three months have seen an increase in mortgage activity across the UK, and our more competitive mortgage range can only help.”

Previously, the head of mortgage productions at Barclays head office, Chris Keane, who own the Woolwich, claimed that their customers were looking for more long term certainty from their mortgage products during an economically turbulent time.