Woolwich launches two new products designed for first time buyers and the larger loans market

Woolwich is launching two new products to appeal to both ends of the market.

A first time buyer mortgage fixed for two years at 6.29 per cent with no higher lending charge up to 95 per cent of the purchase price.

At the other end of the spectrum a lifetime tracker at base plus 0.17 per cent for loans from £500,000 to £2 million.

These are amongst the most competitive deals on the high street in terms of overall value.

Andy Gray, head of mortgages for the Woolwich, said: "Consumers at the lower and top end of the market have very different requirements when seeking a mortgage, 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 as and when they receive large payouts such as bonuses." For consumers who need the security of a fixed rate and have a larger deposit to put down we will be maintaining our two year fixed rate at 5.89 per cent up to 80 per cent of the purchase price.

Product detail on first time buyer two year fixed rate: Fixed until 30th November 2009 at 6.29 per cent Reverts to tracker at base + 0.95% after the two year period Arrangement fee £595 Rate available for mortgages up to 95 per cent of the purchase price/valuation 3 per cent early repayment charge in the first 2 years Borrowers can overpay by 10% per annum without any charges in the first 2 years.

Product detail on larger loans mortgage up to £2 million: Tracks for the life of the loan at base plus 0.17 per cent, current rate 5.92 per cent Arrangement fee £1,995 Rate available for mortgages up to 85 per cent of the purchase price/valuation No early repayment charge Minimum mortgage £500,000, maximum £2 million Customers switching from another lender can use Woolwich Switch and Save package with no valuation or legal costs Key features on all our residential mortgages: Customers switching from another lender can use Woolwich Switch and Save package with no valuation or legal costs.

Maximum flexibility: overpay, underpay and payment holidays Available to all existing and new customers No higher lending charge or early repayment charge beyond the fixed, capped or discounted period.

Daily interest Flexible features on fixed rate mortgage such as overpaying by 10 per cent per annum without incurring any early repayment charge (on the 10 year fixed rate borrowers can overpay by 5 per cent per annum).

Fully portable Customers can find out more about all Woolwich new and existing mortgages by contacting their local Barclays or Woolwich branch, via the internet on or by telephoning 0845 607 1111.

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