New Woolwich City Mortgage introduced
www.moneynews.co.uk > Mortgages > New Woolwich City Mortgage introduced
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Money News |
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New Woolwich City Mortgage introduced
Thu 14th Dec 2006
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Offering the Woolwich's lowest ever lifetime tracker offset rate, the new product replaces the original City Mortgage and it provides a rate of 0.34 per cent over the Bank of England base rate.
There is an application fee of £995 needed for the Woolwich City Mortgage 2 as well as a loan to value of 85 per cent and the product allows City workers the opportunity to purchase property before they get their bonus so they do not lose out when securing the house of their choice.
Andy Gray, head of mortgages at the Woolwich, stated: "As December is the month that the first 2006 bonuses are set to be paid this new product allows customers to immediately offset their bonus against mortgages over £500,000.
"It makes sense to change the product to a simple tracker at lower rate as this will be of the most benefit to customers. For a city worker receiving a bonus of £50,000 they could save over £100,000 interest and chop four and a half years off their mortgage by offsetting."
Woolwich was named best mortgage provider at this year's yourmoney.com direct awards.
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Related News : Woolwich |
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