Woolwich mortgages to tempt 'both ends of the market'

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Woolwich mortgages to tempt 'both ends of the market'

Woolwich has launched two new mortgages which it claims will appeal to home buyers at both ends of the market.

First-time buyers might be tempted by Woolwich's new two-year fixed rate offering of 6.29 per cent, which reverts to 0.95 per cent above the base rate.

Meanwhile, those looking for a larger loan could be interested in another product which is available for up to 85 per cent of the property price up to £2 million. The loan tracks the base rate at plus 0.17 per cent.

Commenting, Woolwich head of mortgages Andy Gray said: "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."

This week, Alliance & Leicester revealed that many parents feel "a strong urge" to help their children get a foot on the property ladder, with 34 per cent of parents admitting they would feel guilty if they did not contribute.

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