With competition mounting in the mortgage market, Woolwich is reducing rates by 0.45% on its leading tracker mortgage from today.
This brings the rate down to 2.79% [base rate plus 2.29%, 70% LTV, £999 fee, 1% ERC for 2 years] from 3.24% [base rate plus 2.74%].
Also being launched is a fee-free tracker mortgage at 3.19% [base rate plus 2.69%, 70% LTV, £0 fee, 1% ERC for 2 years].
The new rates make these the lowest tracker mortgages in their class, according to Woolwich, and represents the third mortgage rate reduction by Woolwich in two months.