Further reductions on Woolwich tracker deals

Woolwich has reduced its tracker mortgage rates for the sixth time in succession over the last few months.

The lender knocked a further 0.2 per cent off its range, which includes trackers at up to 70 per cent loan-to-value at either 2.63 per cent with a £999 fee or 2.99 per cent without.

Lifetime trackers at up to 75 per cent loan-to-value are also being offered at 2.89 per cent with a fee included, or 3.19 per cent.

Andy Gray, head of mortgages at Woolwich, said that in general, tracker mortgages are "getting huge amounts of attention" because of the low, stable base rate environment over the last year.

"Our new rates in particular are outstanding - they're very competitive, and should prove extremely popular," he stated.

The Bank of England has frozen interest rates at 0.5 per cent since March 2009, in an attempt to stimulate an economic recovery.

One side effect of this has been the creation of cheap mortgage conditions for homeowners whose deal tracks the base rate.

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2010-01-25 13:22:05 © Moneyextra.com