Woolwich releases new mortgage products
The Woolwich group has released two new mortgage products to
attain both the upper and lower elements of the mortgage market.
Both mortgage products are aimed strictly for first-time buyers,
and the over reamed loans sector.
The greater loans mortgage, also known as a VIP mortgage, is
available to borrowers who are breaching for mortgages between £500,000
and £2 million. This type of loan will enlarge to 85 per
cent of the property value, and trail the base rate. The arrangement
fee is slightly larger at almost £2,000, simply due to
the size of the loan.
Andy Gray, head of mortgages at Woolwich 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."
A First-time buyer loan is a two-year fixed-rate mortgage weighed
at 6.29 per cent, and a tracker at base rate plus 0.95 per cent.
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