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Mortgage lender returns to capped mortgage rate deal

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Woolwich has become the only one of the UK's top ten mortgage lenders to reintroduce a capped mortgage rate product.

The mortgage lender has launched a new three-year mortgage with a capped mortgage rate of 4.89 per cent, as the Bank of England's onetary policy committee once again kept interest rate levels at 4.5 per cent.

This mortgage rate will be capped until June 30th 2009 and will be linked to the mortgage lender's standard variable rate (SVR) for the duration of the mortgage term.

If the SVR goes lower than 4.89 per cent, the mortgage rate will also be decreased.

Most of the major mortgage lenders have shied away from capped mortgage rate offerings in recent years as fixed-rate and discount mortgages have taken over, comments the head of mortgages at Woolwich, Andy Gray.

However, the increasing uncertainty over the direction interest rates will take in the short-term means there is a growing demand for a cap with the hope that rates may in fact head south, he says.

Like the mortgage lender's other mortgage offerings, the capped rate mortgage is available to both new and existing mortgage borrowers.

Remortgage customers could also take advantage of the deal, while they also receive free valuation and legal services under the mortgage lender's Switch Save package.

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