Woolwich launches 10-year fix

New buyers looking for a first mortgage that will charge them a consistent rate for a sustained period of time will be interested to hear about a new ten-year fixed-rate offer from Woolwich.

The lender is offering the deal from September 14th at a rate of 5.59 per cent.

Charging an arrangement fee of £995, the product is available to cover up to 80 per cent of a property and will revert to 0.95 per cent above base rate following the ten-year opening period.

A rate of 5.99 per cent is available for customers wishing to borrow up to 95 per cent of the value of their property and overpayments of up to five per cent per year are permitted in the first ten years without charge.

Andy Gray, head of mortgages for the Woolwich, pointed out that this offer could be of interest to people looking to remortgage.

"With many borrowers coming off cheap fixed-rate deals this autumn and many people in the market worried about volatility in interest rates, this product offers long-term security," he said.

"We are expecting this to be very popular with borrowers as they look to guarantee the monthly payments for their biggest outgoing for the long-term."

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