Woolwich is launching two new products to appeal to both ends of the market, including a first time buyer mortgage fixed for two years at 6.29 per cent with no higher lending charge up to 95 per cent of the purchase price.
At the other end of the spectrum a lifetime tracker at base plus 0.17 per cent for loans from £500,000 to £2 million. Woolwich said that these are amongst the most competitive deals on the high street in terms of overall value.
Product detail on first time buyer two year fixed rate:
- Fixed until 30th November 2009 at 6.29 per cent
- Reverts to tracker at base + 0.95% after the two year period
- Arrangement fee £595
- Rate available for mortgages up to 95 per cent of the purchase price/valuation
- 3 per cent early repayment charge in the first 2 years
- Borrowers can overpay by 10% per annum without any charges in the first 2 years.
Product detail on larger loans mortgage up to £2 million:
- Tracks for the life of the loan at base plus 0.17 per cent, current rate 5.92 per cent
- Arrangement fee £1,995
- Rate available for mortgages up to 85 per cent of the purchase price/valuation
- No early repayment charge
- Minimum mortgage £500,000, maximum £2 million
- Customers switching from another lender can use Woolwich Switch & Save package with no valuation or legal costs
Key features on all Woolwich residential mortgages:
Customers switching from another lender can use Woolwich Switch & Save package with no valuation or legal costs.
- Maximum flexibility: overpay, underpay & payment holidays
- Available to all existing and new customers
- No higher lending charge or early repayment charge beyond the fixed, capped or discounted period.
- Daily interest
- Flexible features on fixed rate mortgage such as overpaying by 10 per cent per annum without incurring any early repayment charge (on the 10 year fixed rate borrowers can overpay by 5 per cent per annum).
Andy Gray, head of mortgages for the Woolwich, said: “Consumers at the lower and top end of the market have very different requirements when seeking a mortgage, first time buyers are looking for complete stability if rates continue to rise and consumers taking out larger loans are looking for a competitive rate combined with the ultimate flexibility to enable them to reduce their mortgage as and when they receive large payouts such as bonuses.” |