New fixed rate from the Woolwich by Finance News Bulletin

Published: 11/09/07

New fixed speed loan deal from the Woolwich Woolwich has launched a mortgage that will fix borrowers' repayment expenses now but could see them fall if the Bank of England cuts the base rate radically next yearThis is Money has been named Financial Website of the day in recognition of its campaigning coverage >> ReadThe contract, called Fix and Track, initially offers a one-year fixed speed at 539% with a £595 arrangement charge

It then reverts to the Bank of England base rate plus 039% for the relax of the 25day termTomorrow, the Bank of England will decide whether rates should rise from their present 55% level

Many economists are predicting at least one more 025% add to this year, though many believe tax will fall in 2008The deal is available for loans up to 80% of your possessions's value It is a three-year commitment, and if you pay back it early, you will have to pay a penalty charge of 1% of that early repayment

But you will not pay that fee if you transfer to another Woolwich fixed or capped rate product after a yearpresumptuous base rate falls to 525% throughout the second and third year, it will cost you £22,814 over three existence on a £100,000 mortgage, according to broker London & state You will pay £23,166 if the base rate stays at 5

5%, and £23,522 if it increases to 575%With the deal, you are gambling security for a year against potentially paying less as Woolwich also offers a lifetime tracker at 018% above base rate, at present 5

68%, for loans up to 60% loan-to-value, with no fee This would price £22,495 on a £100,000 mortgage over three years assuming the bottom rate stays at 55%, and £23,041 at 575% for three years

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