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Woolwich cuts rate on tracker mortgage

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Woolwich has cut the interest rate on its lifetime tracker mortgage.

From July 13th 2006, the lifetime mortgage will now tracks at 0.48 per cent above the Bank of England base rate, which is currently at 4.5 per cent.

The mortgage also features free valuation and free legal fees for those looking to find a remortgage, while all customers can have loan-to-value borrowing of 80 per cent.

However, for borrowers who need up to 95 per cent loan-to-value, a higher rate of 5.09 per cent is available.

Andy Gray, head of mortgages for Woolwich, said: The take-up of offset and tracker mortgages have doubled in the last three months � we think the market is ripe for the offset mortgage to come back into its own with the product likely to appeal to a wider audience than ever before.

Barclays states that the mortgage deal is the best long-term deal available from a high street lender.

Ray Boulger, a mortgage expert at John Charcol, recently states that tracker and discount mortgages offer the best value for borrowers in the UK.

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