The Woolwich are launching two new mortgage products to reach both the upper and lower segments of the mortgage market. The two products are aimed at the first-time buyer sector, and the large loans sector.
The larger loans mortgage, sometimes called a VIP mortgage, is pitched at those borrowers who are looking for between £500,000 and £2 million mortgages . This type of loan will extend to 85 per cent of property value, and track the base rate. Because of the size of the loan it attracts an arrangement fee of almost £2,000.
The First-time buyer loan is a two-year fixed-rate mortgage set at 6.29 per cent, and a tracker at base rate plus 0.95 per cent.
The head of mortgages at the Woolwich, Andy Gray, reportedly commented: "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."
Woolwich launching dual mortgage loans
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Woolwich launching dual mortgage loans
Thu, 30 Aug 2007
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