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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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