New Woolwich mortgages launched

Date:Tuesday 5th May 2009
Author: Max Freedman

Woolwich has announced it has introduced new mortgages offering lower rates to consumers.

The lender, which is a trade mark of Barclays Bank, has launched a three-year fixed-rate product available at 3.99 per cent available for loans up to 70 per cent of the value of the property.

This is a reduction of 0.5 per cent from its previous offering.

Meanwhile, the rate charged on its offset tracker mortgage has been reduced by 0.5 per cent to 2.49 per cent for loans above £200,000 for loan-to-values of up to 60 per cent.

Commenting on the new products, head of mortgages for Barclays Andy Gray said: "Last month we pledged to increase lending to homeowners by £5.5 billion and now we are launching even better mortgage rates to our customers."

Recently, the Co-operative Bank launched a new product aimed at first-time buyers which enables eligible candidates to use a family member's income to guarantee the loan, the Daily Mail reported.