Woolwich cuts tracker rates

The lender says the two-year fixed rate market is highly volatile, and trackers are better suited in the current environment. Woolwich’s most popular lifetime tracker product will see rates cut to 0.89% above the Bank of England base rate. Andy Gray, head of mortgages at Woolwich, comments: "The two year fixed rate market is hugely volatile at the moment. We have decided that our customers will be better served by other products such as the Lifetime Tracker which offers a much lower rate and full flexibility to change to another rate at a later time." The lender is also re-introducing fi...