A note from Woolwich warning brokers of the product changes said: “With the news that Halifax is increasing their SVR rates for up to 1m people we think we have a great proposition to help these clients.
“With competitors increasing their rates across the mantel we are making some adjustments to our range to maintain customer service levels.”
Woolwich’s Future Fix mortgage will see a rate cut of 0.20% for the first two tracker years from BBR +2.99% down to BBR +2.79%. The following 3-year fixed rate will remain at 4.29%.
The application fee will also be cut from £1299 down to £999.
Woolwich will also launch a Mass Affluent product which is a 2-year fixed rate at 2.99% available at up to 60% loan to value that comes with a £2,499 fee.
The minimum loan size for this deal is £250,000 and the maximum is £2m.
Woolwich is also increasing the rate on its large loan 2-year fixed rate and is withdrawing its 60% loan to value 2-year fixed products.
It will also re-introduce a £150 fee for SVR further advances effective tomorrow, Tuesday 6 March.
Products being withdrawn include Woolwich’s 2-year fixed rate at 3.09% available at 60% LTV with a £999 fee; 2-year fixed rate at 3.39% available at 60% LTV with a £199 fee; and its 2-year fixed rate Loyalty Mortgage at 3.09% available at 60% LTV with a £499 fee.
Brokers have until 21:00 tonight to submit applications.
