Woolwich offering switch-to-fix mortgage rates
Woolwich for Intermediaries is offering some of the lowest tracker rate mortgages in the market.
A host of their mortgage rates do not have any early repayment charges and they allow borrowers to lock into a fixed rate at any point.
This enables homeowners to benefit from the low mortgage rates on offer at the moment and then switch-to-fix when the Bank of England base rate increases.
The lenders lowest two-year tracker rate is 1.79% and it tracks the Bank of England base rate plus a margin of 1.29%. The APR is 3.7% and it has a £999 arrangement fee.
In order to qualify for the mortgage borrowers will need a 40% deposit. At the end of the tracker period the mortgage reverts to 3.49% over the Bank of England base rate, currently 3.99%.
Aaron Strutt, product manager at Trinity Financial, says: “Some of the lenders are offering really low tracker rates and they are undercutting many of the fixes. Switch-to-fix mortgages are useful for many borrowers as they lower the risk of being caught out by future rate rises.”
If you would like help to secure a switch-to-fix mortgage, call Trinity Financial on 020 7016 0790.