Woolwich City Mortgage 3 is launched

www.moneynews.co.uk > Mortgages > Woolwich City Mortgage 3 is launched

Woolwich City Mortgage 3 is launched

Wed 14th Feb 2007

In response to the record bonuses paid out to city workers in the new year, the Woolwich City Mortgage 3 has been introduced to cater for this sector.

The new Woolwich City Mortgage 3 is the mortgage provider's "lowest ever discounted rate for larger loans" and it offers a rate that is 0.16 per cent below the base rate. Currently this gives the product a rate of 5.09 per cent.

After the first two years of the product the Woolwich City Mortgage 3 switches to a rate of 0.49 per cent above the base rate and this lasts until the full term of the loan is served.

Andy Gray, head of mortgages for the Woolwich, stated: "The uptake of our City Mortgage has exceeded our expectations and this latest product gives great value and is also available for consumers who want to remortgage with free valuation and legal costs."

Other features of the new mortgage include 85 per cent loan to value, no early repayment charge and loans can be had for between £500,000 and £2 million.

According to Woolwich, city bonuses will continue to boom with predictions pointing towards in excess of £10 billion being paid out at the end of this year and into January 2008.

Related News : Mortgages
	Brits 'failing to grasp the importance of an interest in mortgages'
	BBA highlights mortgage lending growth
	Are interest-free mortgages a bad idea?
	Buy-to-let mortgages are 'more profitable'
	House price performance to impact lenders' criteria
	More Brits 'to choose long-term mortgages'
	Offset mortgages 'are the future'
	UK house prices 'set to fall'
	Hybrid mortgages 'are a good deal' for FTBs
	UK public expects house price increase

Related News : Woolwich
	Barclays: Woolwich cuts mortgage interest rates
	Woolwich cuts fixed-rate mortgage rates
	Woolwich fixed rates cut
	New mortgages from Woolwich and John Charcol
	Woolwich Mortgages launches new fixed-rate product
	Woolwich to cut standard variable rate
	Woolwich mortgage to track and track again
	Woolwich 10-year fixed mortgage launched
	Woolwich mortgages to tempt 'both ends of the market'
	Woolwich fee-free lifetime tracker launched