Woolwich increasing fixed rates

MortgagesInc

We have just been advised that the Woolwich are increasing their 2 year fixed rates by 0.3% and their 5 year fixed rate by 0.1% on Thursday, so if anyone is contemplating using them then you need to book the current 5.59% rates by tomorrow.

Broken_hearted

Is this just for those whose lockins are running out soon.

MortgagesInc

It is for purchase and remortgage - Offers are valid for 3 months, but can be extended very easily for a further 3 months.

Broken_hearted

I've got just over 6 months left. Would love a crysrtal ball to see the rates offered then. Think I'll budget for 8% then any spare can go into overpaying.

MortgagesInc

Once you're within the 6 month window, there's no harm in securing a new rate - with most lenders you don't pay a fee at all if you withdraw should something better come along in the meantime. Some lenders do charge to switch to a new product, £100 or so, but some, like Abbey, don't charge at all.

It's a good way of hedging your bets - I was lucky enough to do that with a 2 year rate at 5.19% which completed this week, so 0.4% better of than any equivalent.