Woolwich rolls-out new lifetime tracker
Woolwich has announced the launch of a lifetime tracker mortgage with no application fees. And at 0.17% above base rate (current payment rate 5.92%) - the mortgage bank’s best ever rate for a fee free lifetime tracker.
Maximum LTV is 60%.
For customers switching from another lender the bank will cover legal and survey fees under its Switch & Save option. Meanwhile, for those borrowing up to 80%, a lifetime tracker at base rate +0.28% is available.
Also being made available is a 2-year discount tracker reverting to a lifetime tracker - this facility tracking at base rate -0.16%, current rate 5.59%, before reverting to a tracker at base rate + 0.95% after the 2 year discounted period.
An arrangement fee of £995 is in operation. As is an early repayment charge of 1% for the first 2 years. Maximum LTV is 80%, maximum loan £500,000.
Finally, customers will have access to a 1-year fix and track at 5.39% for 1 year before reverting to a lifetime tracker at base rate +0.39%.
An arrangement fee of £595 is in force, as is a 1% early repayment charge for 3 years.
Meanwhile, a drop and lock facility kicks in after year 1. Worth noting is that the early repayment charge won’t apply if the drop and lock is utilised. Maximum LTV is 80%.