WOOLWICH CUTS RATES ON BROKER RANGE

The lender is reducing rates on its popular lifetime tracker products in a bid to encourage customers to take advantage of the flexible, fee-free products.

Woolwich says it is doing so at a time when many borrowers are sitting tight waiting for better news on short-term fixed rates.

It is also cutting rates on offset and longer term fixes as well as introducing a competitive three-year fix rate.

At the same time it will be re-introducing 90% LTV fixed products to help customers with smaller deposits access the competitive Woolwich products.

The best rate available on a Woolwich Lifetime Tracker through brokers is now 0.99% above base rate, a cut of 0.30%.

This makes it 1.08% better than the average two-year fixed rate in the market which Moneyfacts says is 7.07%.

Many customers will be better served by other products such as the Lifetime Tracker which offers a much lower rate than current fixed rates and has no application fee.

Woolwich will also be cutting rates on its offset and five and 10-year fixed rates as well as re-introducing a three-year fixed rate at a competitive 6.49%, well below the average two-year fixed rate to offer certainty for those who would still rather fix.