Woolwich Great Escape 'stimulating the remortgage market'

Date:Tuesday 23rd November 2010
Author: Susanna Kavka

There has been a lot of demand for the Woolwich Great Escape mortgage since it was launched last month, according to a source from Barclays.

Andy Gray, head of mortgages at the bank, claimed there has been considerable interest and the average customer is saving £1,150 by switching from their previous home finance provider with the arrangement.

He made his comments after the company announced the extension of the Woolwich Great Escape proposition, which will now be available at up to 75 per cent loan to value (LTV).

The deal, which previously only allowed up to 70 per cent LTV, offers clients a cash back reward for switching that can be used to help pay any exit fees charged by providers.

"We believe the improvements announced today will help stimulate the remortgage market further as borrowers with less equity in their homes will be catered for," said Mr Gray.

When the firm launched the Great Escape in October, he described how it has been put together to help those homeowners who feel trapped by their mortgage.