Woolwich releases new mortgage products

31/08/2007

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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