The new range includes a two-year fixed rate at 5.79%, a three-year fixed rate at 5.54%, a five-year fixed rate at 5.64%, and a 10-year fixed at 5.64%.

The range has a £995 fee and maximum loan to value of 60% across all products.

It has also introduced a new tier up to 75% loan to value, and a range which includes a three-year fixed rate at 5.84%, and a new two-year fixed rate at 5.99%.

Andy Gray, head of mortgages for Woolwich, said: “With many commentators expecting base rates to come down, people are looking for good value trackers, and we have developed a ‘drop-lock’ facility.

“It combines the best features of the tracker and fixed rate mortgage. With it, anyone taking a tracker with an early repayment charge will benefit from any base rate reductions, while having the flexibility to switch to a fixed rate to ‘lock in’ when the opportunity is right.

“In addition, we have also reduced the minimum loan size on our lifetime tracker, increasing its appeal to a wider range of customers.”