Woolwich cuts fixed rates

Woolwich says a fall in SWAP rates has helped bring down the cost of fixed rate mortgages, but uncertainty over the Bank of England’s next move has slowed progress. Woolwich’s two-year fixed rate has fallen 0.2% to 5.89%, its five-year offering has dropped 0.26% to 5.69% and the long-term ten-year rate is down from 5.89% to 5.59%. Andy Gray, head of mortgages at the Woolwich, comments: “SWAP rates have been coming down since the beginning of December but there is still a lot of uncertainty in the market overall and fixed rates have therefore been slow to follow. However, further recent fa...