New mortgage deal introduced by Woolwich

10/05/2007

Woolwich has introduced a new mortgage deal and are targetting customers who want to make home improvements.

Woolwich have concluded that majority of homeowners want to make home improvements. They feel this deal is a big advantage and hope many people take advantage of this.

Nearly 25% of people say they do not have enough time to refurbish their home, leaving nearly 75% of people saying they do not know how to carry out the physical work.

Many Britons would rather do jobs they feel they can complete then jumping into the deep end of doing extension work, plumbing or electrical.

Head of mortgages at Woolwich, Andy Gray said that making improvements to your home could make a "tangible difference" to the overall value of the property when completed, but doing the work and making mistakes could "drag prices down".

Mr Gray also said that many people were looking to remortgage just to fund their new home improvement.

Mr gray announced the new lifetime tracker mortgage deal to customers who wished to complete their projects. The mortgage deal will stay at 0.29 per cent above the standard base rate during the term; the deal also includes no redemption penalties or any other extra charges.

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