Fixed Rate Mortgages Breaking the 6% barrier

Key Woolwich fixed rate mortgages are falling by more than 0.30%, to below 6%, in a sign of improving conditions in the mortgage market.

The new rates include three and five-year fixed rates of 5.97% (both reduced by 0.32%), and a market-leading ten year fixed rate of 5.87% (reduced by 0.07%), all at a maximum of 60% loan to value. An entirely new two year fixed rate is also available at 5.99% for loans up to 60% loan to value.

These rate reductions are the third in the last month from Woolwich on residential and buy to let mortgages.

“We’re seeing strong competition in the market, and some easing in fixed rates - and that adds up to a good result for customers,” said David Finlay, Mortgage Intermediary Business Director at Woolwich.

"These reductions will provide some relief for customers coming off fixed rates.

“As revealed in results last week*, Woolwich has taken a leading share of new mortgage lending. We are competing strongly for new customers in our target market and retaining record numbers of existing customers.”