buyers can take on cheaper fixed-rate products
A new range of mortgage products has
been introduced by Woolwich, making fixed-rate mortgages affordable
The company are trying to offer first-time buyers a 95 per cent
value via their selected property, into 2, 3 or even 5-year fixed-rate
First-time buyers are looking to take
advantage of this new deal Andy Gray, head of mortgages at Woolwich
stated. Interest rates for 2 and 5 year fixed-rate mortgage loan
offered by Woolwich has now been cut down to the bare minimum.
Figures from 5.99 per cent to 5.79 per cent however come with
an application fee of £600. Interest rates on Woolwich’s
product, 95 per cent loan to value mortgages decreased from a
staggering 6.19 per cent to 5.99 per cent.
Head of mortgages, Andy Gray
at Woolwich, commented: "There is usually an up lift in mover
activity at this time of the year, and we are targeting those
having smaller deposits, most often first-time buyers. At the
95% loan to value level we have effectively reduced the rate from
5.99 per cent to 5.79 per cent for both the 2 and 5 year so for
the average loan that’s a reduction in interest payable
of £1,200 over 5 years. This is good news for first-time
buyers in an uncertain market."
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