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Fixed Rate Mortgage - Woolwich Mortgages £80.00

jonny_scott Avatar
banned9y, 2m agoFound 9 years, 2 months ago
Sorry for the dull post, but this mortgage rate is the best on a fixed rate mortgage. If you are concerned as I am about my mortgage repayments then it looks like the woolwich is making some serious statements on rates. Its 0.5% cut, and freezing tracker rates.

I am off to save me money so I can buy more!!!!! Reckon this will save me £80 per month




Woolwich bucks market by cutting up to half a per cent off fixed rate mortgages whilst maintaining tracker rates at current levels
From Tuesday September 25th Woolwich is launching a raft of lower fixed rate mortgages at rates as low as 5.59 per cent for two and five year deals. The five year rate is half a per cent per annum lower than the previous five year fixed rate. The two year fixed rate is also being priced at 5.59 per cent, a cut of 0.30 per cent and with no upper limit on the amount borrowed. Together with a ten year fix at the same price launched last week Woolwich now has suite of fixed rate products that lead the market.
Woolwich has also taken the decision to maintain all their tracker rates at their current levels which means that the signature Lifetime Tracker remains at 0.17 per cent above base.

Andy Gray, head of mortgages for the Woolwich, said: "We are moving towards a situation for borrowers where Woolwich is now able to offer product pricing which few in the market can match. It is almost unprecedented to be able to offer two, five and ten year fixed rates at exactly the same rate. It also means that borrowers who are on very competitive two year deals that finish this Autumn are going to see a much lower increase in their mortgage payments than they might have feared a month ago.

"The other good news is that unlike our competitors our strong position means we are maintaining and not changing any of our tracker rates, meaning we can offer attractive deals in all segments of the market. We have already seen a lot of interest in the ten year fix we launched last week, and we are prepared for a bigger rush as our new range is released."

Product details on two and five year fixed rates:

· Fixed for two or five years at 5.59 per cent

· Reverts to tracker at base + 0.95 per cent after initial fixed rate period

· Arrangement fee £995 (can be added to the loan)

· Loan to value of 80 per cent

· 3 per cent early repayment charge during the fixed rate period

· Borrowers can overpay up to 10 per cent per annum without any charges during the fixed rate period.

· Customers switching from another lender can use Woolwich Switch & Save package with no valuation and legal costs.

In addition:


For Loan to Value of 95 per cent there is a rate of 6.19 per cent with a fee of £595, fixed for two or five years. For first time buyers the rate drops to 6.09 per cent for two years.
Key features on all our residential mortgages: · Maximum flexibility: overpay, underpay & payment holidays · Available to all existing and new customers · No higher lending charge or early repayment charge beyond the fixed, capped or discounted period. · Daily interest

· Flexible features on fixed rate mortgage such as overpaying by 10 per cent per year.

· Fully portable

Customers can find out more about all Woolwich new and existing mortgages by contacting their local Barclays branch, via the internet or by telephoning 0845 607 1111.
More From Woolwich:

All Comments

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banned#1
mortgages are potentially the most expensive purchase you will ever make, yet because it is not technology or something equally geeky you vote it could because you are chumps.

Truth is this - people will be searching for and do ask for information on mortgage deals on HUKD's and this set of rates are going to top the best buy table.

Luckily this post will still rank for there searches, and when you people do find this post please indicate below if it was helpful.

J
#2
seems a good deal

however the BOE may be dropping interest rates very soon
#3
It is a good buy now but people like the Woolwich arent daft - they may be banking on an interest rate cut to keep us in line with the USA.
By the time you add fees you could be looking at an extra 1500 - 2000 on you mortgage which kin of cuts down on the 80 quid a month saving you are making and you also have it on your morgage accruing interest for 20 odd years.
Not saying its a bad deal, just that these things a re so damn changeable...
#4
jonny_scott
mortgages are potentially the most expensive purchase you will ever make, yet because it is not technology or something equally geeky you vote it could because you are chumps.

Truth is this - people will be searching for and do ask for information on mortgage deals on HUKD's and this set of rates are going to top the best buy table.

Luckily this post will still rank for there searches, and when you people do find this post please indicate below if it was helpful.

J


I agree with you and my mortgage is about to come out of a fixed period and i havent really a clue where to start about fixing a new one.

This is certainly more useful than those silly supermarket BOGOFF deals, which are on offer every week, that people keep listing
#5
please note if you are lookng for a new mortgage then please follow advise on MSE:thumbsup:
#6
The Application Fee is £999
best Place for Advise which I have just used to get a fee free fixed mortgage from Abbey is
[url]www.lcplc.co.uk[/url]
#7
free MSE remortgage guide available here:

http://www.brochurecentre.co.uk/i2.php?p=det&product_id=46

free MSE mortgage guide avaiable here

http://www.brochurecentre.co.uk/i2.php?p=det&product_id=54

Please visit MSE for articales on fixed rates vs discount etc etc

MSE also has a forum for mortgages etc

http://forums.moneysavingexpert.com/forumdisplay.html?f=15
#8
JABWootton
The Application Fee is £999
best Place for Advise which I have just used to get a fee free fixed mortgage from Abbey is
[url]www.lcplc.co.uk[/url]


From what I've learnt (I re-mortgaged 6 months ago) is that it's swings-and-roundabouts. If you want the 'best rate' then you have to pay an inital arangement fee (this can vary wildy). Conversely, if you don't wish to pay an arangement fee, then they offer you a slightly higher rate.

Whatever way you choose they'll get the money.
#9
This is far from the best deal for most people. There's a high arrangement fee and the rate is only available to those with a 20% deposit. If you need 95% Loan to value, the rate is a not terrible competitive 6.19%, a good 0.7% higher than the best deals on the market.

Rates generally are dropping so don't be fooled into fixing into a higher rate than you need. It's a good idea to keep an eye on a rates analyst site such as [url]www.moneyfacts.co.uk[/url], which updates its best buy tables every day.
#10
[COLOR=black]apart from the sites already mentioned, www.charcol.co.uk might be worth a look. Free independent advice and if they cant save you money then they will tell you

[/COLOR]
Charcol is not just any old mortgage company – we are a mortgage broker. Unlike a mortgage company that can only offer you their own products, we search the market and bring you the best products from a panel of 35 lenders. It’s something we have been doing for years, and something we have won many, many awards for. In fact, we have just won the What Mortgage? Online Mortgage Broker of the Year title for 2007.
Charcol has become the UK’s leading online mortgage broker by consistently providing a fast, uncomplicated service for people who are often in a hurry and just need someone they can trust to take care of the details.
#11
Avoid Barclays. Big smiles when signing the dotted line,. don't care less when you have complaint or problem. When people do complain they try their hardest to wear you out. That was not isolated it was hundreds of endowment complaints made against Barclays, who used the same tactics each time. Don't feel safe by the word 'regulation' its a scam, the FSA did nothing about Barclays dirty tricks during the endowment problem, and did nothing when banks were loading their balance sheets with toxic debt, and some of balance sheet debt. With the big 4 you get a pleb bank. Bad service dirty branches.

Yeah somefolk wont get bad service i'm pointing out what happens when things go wrong.
#12
jonny_scott
mortgages are potentially the most expensive purchase you will ever make, yet because it is not technology or something equally geeky you vote it could because you are chumps.

Truth is this - people will be searching for and do ask for information on mortgage deals on HUKD's and this set of rates are going to top the best buy table.

Luckily this post will still rank for there searches, and when you people do find this post please indicate below if it was helpful.

J



Have you thought that people may be voting this cold not because it's a mortgage...but because it's by no means the best deal for most people? £995 arangement fee is, frankly, ridiculous unless you have a very large mortgage.
#13
riker71
[COLOR=black]apart from the sites already mentioned, www.charcol.co.uk might be worth a look. Free independent advice and if they cant save you money then they will tell you

[/COLOR]


Not Free when you use them to take out a mortgage and ask them to do the paperwork.:x

London and County use Rate Tracker so even if you apply for a Mortgage they look at the rate you are on up to the day of signing.
banned#14
ok points taken, this deserves to be cold... but I do believe this mortgage will be top of the best buy table.
#15
bellboys
Have you thought that people may be voting this cold not because it's a mortgage...but because it's by no means the best deal for most people? £995 arangement fee is, frankly, ridiculous unless you have a very large mortgage.

From what I've seen there aren't many mortgages out there now without very large (ripoff) fees attached... so I don't think this one is much different in that respect. With mortgages, what is a good deal for one person may not be for the next. Having said that there are a minority of Muppet's on here who will vote cold when they have absolutely no idea if it's a good deal or not! :thumbsup:
#16
Koma Toes
From what I've seen there aren't many mortgages out there now without very large (ripoff) fees attached... so I don't think this one is much different in that respect. With mortgages, what is a good deal for one person may not be for the next. Having said that there are a minority of Muppet's on here who will vote cold when they absolutely no idea if it's a good deal or not! :thumbsup:



I agree 100%.
#17
Fairly decent site for mortage shopping is [url]www.mortgagegenie.co.uk[/url]

I'm not sure they cover as many vendors as moneysupermarket and so on, but there is a "quidco-like" element whereby they pay you back 50% of their commission, which can take some of the sting out of the arrangement fees.

They've also got a thing that compares the total effective interest rate (taking into account all the add on fees etc), so you can sort by that instead of just the initial monthly amount - it's fairly worthwhile just for that.
#18
Im a Financial Adviser, its not a bad deal but like many people are pointing out rates are dropping so i wouldnt rush into anything without seeking some financial advice, other lenders should follow. The £995 arrangement fee is also not a high arrangement fee considering some of the other deals in the market at the minute. A Lot of them have 1 to 2% fees around this rate so the fixed £995 is not bad at all.
#19
Don't forget your currently lender could sting you with an "exit fee". Halifax (the robbing b*****ds) tried charging us a £300 exit fee - until we threatened them with the financial ombudsman.
1 Like #20
I've recently remortgaged with Skipton. The deal is a 2 year fixed mortgage at 5.79%. The arrangement fee is £599 (free valuation and legal fees too). I used to be a financial advisor and checked the market thoroughly - this was the best deal I could find.

They appear to still be offering this: https://www.skipton.co.uk/mortgages/products/fixed_rate_mortgages.asp


Hope this helps someone.
#21
That seems a reasonable deal to me. No extended tie in either. I don't know how they get away with the huge arrangement fees though. It shouldn't be allowed!
#22
Gazzie
Don't forget your currently lender could sting you with an "exit fee". Halifax (the robbing b*****ds) tried charging us a £300 exit fee - until we threatened them with the financial ombudsman.




I worked in mortgage sales for that shower of &£%$s until quick recently and I agree with your opinion. They have terrible remortgage rates, have had for last 18months and their fee's are quite high.

I currently have my mortgage with them (stupid boy getting **** staff deal) and I can't wait to move it. Not workin at the mo so can't move just yet :thinking:
#23
jonny_scott
ok points taken, this deserves to be cold... but I do believe this mortgage will be top of the best buy table.


Well this is actually a great deal, if you are looking to fix now, great post.

Yeah the rates have "slightly dropped", other than this one, which has got nothing to do with the FED rate someone else mentioned, there is one reason and thats not because the marktes are predicting a fall in rates, but that it is clear the signals are there that there will be little chance of any further increases, thats why the fixed rates were priced a little high.

You are unlikely to see rates dropping significantly in the short term, so in the current market this is a great deal....

Voted hot!
#24
arkrank
Avoid Barclays. Big smiles when signing the dotted line,. don't care less when you have complaint or problem. When people do complain they try their hardest to wear you out. That was not isolated it was hundreds of endowment complaints made against Barclays, who used the same tactics each time. Don't feel safe by the word 'regulation' its a scam, the FSA did nothing

Sounds like our experience with Halifax. They wasted time with tricks like falsely claiming they had not received our complaint form. We found the FSA/ombudsman service was on the firms side too, despite the hype that they are supposed to be fair and impartial, it actually seems to mainly exist to save the firms the cost of fighting court actions. Took us years of hassling both Halifax and Ombudsman before we eventually got some of the money back.
#25
there are to many deals out there, you should seen Independant advice, just beacause there is a low rate does not mean its the best, you have to consider arrangements fees, valuation fee, redeption penaties and deed sealing fees etc etc

if you are looking for a good 2 yr fixed, how about N&P 4.69% £385arrangemet fee,


How about a 25 yr fixed rate with Nationwide from 6.34%, portable as well
#26
I wouldnt recomend this myself as their mortgages can take longer than usual to complete causing obvious problems.
banned#27
I have seen this post go from -80 degrees all the way back up to 14.4 degrees.

If only those who had a valid opinion of this mortgage product voted in reference to the entire deal and not just an element like the fees, we would see that this mortgage rate is a hot deal as the rate and the mortgage product are strong.

The need to make posts cold because they dont appeal will continue to be a problem.

This mortgage will top the best buy tables once added.
#28
stugga
there are to many deals out there, you should seen Independant advice, just beacause there is a low rate does not mean its the best, you have to consider arrangements fees, valuation fee, redeption penaties and deed sealing fees etc etc

[SIZE="3"][SIZE="4"]if you are looking for a good 2 yr fixed, how about N&P 4.69% £385arrangemet fee[/SIZE][/SIZE],


How about a 25 yr fixed rate with Nationwide from 6.34%, portable as well


The N&P mortgage quoted above is shocking. 2 year fixed @ 4.69% - true. However you are then locked into their base lending rate of (currently) 7.74% for the 3 years after the fixed rate has finished. Either that or pay 5% of the loan to get out. Ouch!

I prefer trackers myself. -0.27% below BoE for 2 years @ Nationwide with no tie-ins (and you can take payment holidays - fantastic). £599 res fee or £499 if already with them.
#29
Some useful info and good advice here:)
#30
Just seek some independent advice go to [url]www.unbiased.co.uk[/url] and choose someone in your area. There will be advisers who wont charge you a fee to do it and probably have exclusive deals not available direct with the providers.
1 Like #31
Hi, I work for a competitor mortgage provider and this deal is good!
I'm a little uneasy at their 0.17% above base as it tracks "Barclays base" rather than the Bank of england. They are the same rate but it may not change even if the bank of england base rate becomes lower. It's purely Barclays decision.

In todays market you have to pay a large fee to get a better deal.
If your mortgage is under the £150k mark, paying a 999.00 fee over a two year term would be pointless. However over a longer term, you may well need to check.
Even if you add the fee onto your mortgage, the fee can be paid off later as part of the 10% descretion of capital repayments toward your mortgage balance. It may still be beneficial.

All lender can produce an Illustration for a typical mortgage called a Key Facts Illustration (KFI), this will give you the tools needed to do a like for like comparison of each competitor. Just make sure you are using the same balances, term of loan and method of repayment (how you pay it back)interest only or repayment.

Paying for an independant financial Advisor can have it's benifits too as they are given a different set of rates to the published rates and 8/10 times can be better. However, if you have to pay a fee to the IFA then this too would be pointless.
There are many sites which offer comparisons for different lenders but i feel the best is http://www.moneyfacts.co.uk as this has the most recent rates from lenders and a reasonable guide.

Often the easiest thing to do if you are looking for a deal would be to contact your current mortgage provider and see what they can do. They may have a fee but it might work out cheaper than moving your mortgage from one to another. Once you take into consideration the exit fees to go from one and then the entrance fees to start a new one, then paying a couple of hundred pound to your existing provider for a new deal can be worth it.

I hope this helps someone.

Cheers,

Brian
#32
I used London & County who were excellent. I worked out what the total cost of the mortgage was for each deal (taking fees and rates into account) to find the best deal, and this matched what they advised.

Be aware thought, that rates are widely expected to drop next month, so if you can hang on!
banned#33
jonny_scott;1001304
I have seen this post go from -80 degrees all the way back up to 14.4 degrees.

If only those who had a valid opinion of this mortgage product voted in reference to the entire deal and not just an element like the fees, we would see that this mortgage rate is a hot deal as the rate and the mortgage product are strong.

The need to make posts cold because they dont appeal will continue to be a problem.

This mortgage will top the best buy tables once added.


Voted cold from me, if only for your attitude, just a pity i cant give you negative rep as well.:whistling:

Oh and i'd guess the rise in temp is due to replys rather than people voting hot.
#34
riker71
[COLOR=black]apart from the sites already mentioned, www.charcol.co.uk might be worth a look. Free independent advice and if they cant save you money then they will tell you

[/COLOR]

Charcol web site states "Our experts will choose the right UK remortgage product for you and help you all the way through to completion, for a one-off fee of just £199, only payable on successful completion."

Hardly FREE
#35
This deal is no good you can get a fixed rate of 5.59 at the west bromwich building society for 10 years and the fee is free to 595 pound, but you can also get a fixed rate of 5.39 for 10 years with a fee of 999 pound.

so there are better deals out there just look.

tipsygent
#36
arkrank
Avoid Barclays. Big smiles when signing the dotted line,. don't care less when you have complaint or problem. When people do complain they try their hardest to wear you out. That was not isolated it was hundreds of endowment complaints made against Barclays, who used the same tactics each time. Don't feel safe by the word 'regulation' its a scam, the FSA did nothing about Barclays dirty tricks during the endowment problem, and did nothing when banks were loading their balance sheets with toxic debt, and some of balance sheet debt. With the big 4 you get a pleb bank. Bad service dirty branches.

Yeah somefolk wont get bad service i'm pointing out what happens when things go wrong.


Have to agree about barclays. Took them 4 months to send me a new debit card 3 years ago and it took them 3 months to send me a debit card this year, they don't improve much. On both occassions they sent me a letter acknowledging my complaint and that was it.
#37
Not being funny, but this looks like it's been posted by Woolwich it'self to promote their business and frankly it's not a great deal.

I've just re-mortgaged to Abbey and got a 2 year fixed rate deal at 5.47%, which is 0.11% less than the 2 year fixed rate Woolwich will be offering...

I suggest you shop around first!
#38
It Says It Was Posted 3 Months Ago, Whats That All About?????? Any1 Noticed.

Please Put Mortgage Rates And Deals On Here That What This Site Needs More Big Big Deals!!!
#39
I have swopped to the Woolwich from the Halifax. My mortgage was £990 from Jan 1st for 21.5 years. I am now paying £880 for 20 years on a tracker with no tie in. It can go up or down but i am banking on a cut of 0.5% over the next 6 months and then will tie up with a fixed term again.

Voted hot people NEED to swop Mortgages now.....
#40
Dunno why, given the extreme likelihood that the BOE will again be dropping interest rates next month at the earliest, people are so fixated (excuse the pun) with fixed rate deals.

Most sources indicate that a tracker is the best product at the moment.

I've just signed up to the Nationwide's tracker, which runs at 0.34% above base rate for life. Initially that may not sound a great idea, but when you find out you can switch to another product at any time without penalty - it makes sense. It also has a 90% LTV. It also enables up to £500 overpayment monthly without penalty - which I think is excellent.

The fees the Nationwide charge are also perhaps the lowest I've seen from any lender.

Folk buying products with large administration fees should be very careful - particularly when most lenders add them onto your balance, thereby ensuring you pay for it massively in the long run.

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