Woolwich City Bonus mortgage to be introduced

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Woolwich City Bonus mortgage to be introduced

The Woolwich discount tracker mortgage, dubbed the City Bonus mortgage, is to be aimed at individuals expecting a bonus in the new year.

The main groups targeted by the Woolwich City Bonus mortgage will be bankers, brokers and consultants as the minimum amount customers can borrow is £500,000.

A 0.51 per cent discount against the Bank of England's base rate is available under the terms of the mortgage and this continues until July 2007 when 0.49 per cent is added to the base rate. The initial rate of 4.24 per cent therefore increases to 5.24 per cent until the loan is paid.

Andy Gray, head of mortgages at Woolwich, announced: "The key to the mortgage is that it offers full offset facilities which could be of great help to customers who want to get into the market now."

Mr Gray added: "Most people expecting a large bonus in January or February will already have a good idea if they are going to get one."

The Woolwich City Bonus mortgage takes into account the large bonuses expected early in 2007 and the money borrowed can be offset against savings and current accounts.

Woolwich is part of the Barclays group which is one of the biggest financial service companies in the world. The bank operates in over 60 countries, employs around 118,000 people and has 25 million customers across the globe.

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