Upcoming Free Courses
Too far? Check courses near you
“This course truly went above and beyond and showed me exactly what I need to do with ongoing support.”Dean Brunton, Property Mentor course graduate September 2012Read More Testimonials
Have you got what it takes to become a Property Millionaire?Take the Test
The Woolwich have launched their lowest ever fixed rate offer of 2.29%. In a report released by the Telegraph, the Woolwich are offering this 2.29% fixed rate for a year before switching their customers to a group tracker deal that is 2.29% above the Bank of England's current interest rate. An interest rate that is still only 3.29%.
The rate will be fixed for one year, before the customers are then switched to the group's tracker mortgages, which currently charges 2.29 per cent above the Bank of England base rate, for the rest of the loan.
The group, which is part of Barclays, said the deal was 1.5 per cent lower than its previous rate on the same loan, adding that it believes it is also the lowest rate currently available on the market for either a fixed rate deal or a tracker.
The mortgage is only available to homeowners borrowing between £200,000 and £500,000, while those wishing to take out the mortgage will have to pay at least a 40 per cent deposit.The announcement follows other lenders who are offering increasingly competitive mortgage rates - last week Halifax, Britain's largest mortgage lender offered a two-year fixed rate at 2.99 per cent. NatWest and HSBC have also recently announced new rates.
Andy Gray, head of mortgages at the Woolwich, said: "We are seeing some of the best mortgage rates in a generation. This is down to increasing competition and the falling cost of lending for the banks."David Hollingworth, from broker L&C Mortgages said although the offer was "very encouraging", he warned that borrowers should be aware they are locked in for three years.
"Fixed rates have generally been coming down but its been more of a drip drip rather than being slashed.""The mortgage market has been decimated in the last 18 months so there's not going to be any quick fix solution but at least we can see some lenders out there showing some appetite."
Melanie Bien, Director of Savills Private Finance added: "The only thing is the fixed rate is for a year then it rise significantly to 2.29 per cent above base so that's not particularly attractive."Unfortunately I think we'll only see a handful of lenders do this and they won't get much cheaper. I think borrowers should move now if they want a fixed rate."
Keeping you up to date with the latest property investment news is just one of many ways that we ensure all of our investors get the most from their properties. On our FREE property courses we will show you how we made a success of investing in property, and what you need to do to replicate this success.
The strategies that we teach apply to everyone - if you are new to property you need all the advice you can get, and if you are an experienced investor you never stop learning.
To find one of our FREE property investment courses near you simply enter your postcode below.
Use our Postcode Checker to find our next course near you. Book a place now to find out how we did it and how our regular mentoring days will ensure that you are ALWAYS at the top of your investment game!