Lender announces new mortgage rates

Woolwich has revealed a 0.5 per cent cut to its fix and track mortgage rates.

The Barclays-owned lender has revealed it is trimming its two-year rates from 4.39 per cent to 3.89 per cent.

Once the period expires, these will revert to tracker deals starting at 1.49 per cent.

Woolwich has also launched four-year fix and track products at 4.99 per cent for a 20 per cent deposit and 3.99 per cent for a 40 per cent upfront payment.

Speaking about the launch, head of mortgages at the bank Chris Keane said: "We have acknowledged the needs of buyers at this time with the dedicated purchase-only deal designed specifically to meet the requirements of this group."

Last week Nationwide revealed that it was making reductions of up to 20 per cent on the rates of its two, three and five-year fixed deals.