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Woolwich launches new 10-year fixed rate mortgage

Woolwich, the mortgage-lending brand of Barclays, has announced that it is launching a new long-term fixed rate mortgage at 5.29% for 10 years.

The new product which will have a fee of GBP995 and a loan to value of 60% is aimed at the market where customers have built up equity over recent years.

Borrowers can overpay up to 5% per annum without any charges and 6% repayment charge during the fixed rate period. Customers switching from another lender can use Woolwich Switch & Save package with no valuation and legal costs.

Andy Gray, head of mortgages division at Woolwich, said: The mortgage market is hugely uncertain at the moment and lenders are continually re-pricing products. We believe this will be the best priced long term product in the market place.

With the government looking to encourage longer term fixes, and with consumers looking to avoid short term volatility, we expect this product to be popular with borrowers. If nothing else it will certainly show whether consumers have an appetite to fix over the longer term, as the rate is hugely competitive.