Money News
Woolwich has announced the launch of a new combination fixed rate/tracker mortgage - the loan charging a fixed rate 5.39% in year 1, after which it will revert to a lifetime tracker at 0.39% above base rate.
The product will also offer a 'drop and lock' facility whereby customers will be able to switch into another Woolwich fixed or capped rate loan after the first year without incurring an early repayment charge.
An arrangement fee of £595 is in operation. Maximum LTV is 80%.
An early repayment charge of 1% on the amount repaid is in force for the first 3 years. However, this will not payable if the drop and lock facility is utilised.
For customers switching from another lender the mortgage bank says it will cover legal and survey fees under its Switch & Save option.
Meanwhile, the bank has reduced its 10-year fixed rate facility from 5.59% to 5.57% - the loan reverting to base rate + 0.95% once the fixed rate period expires.
An arrangement fee of £595 is in force. Maximum LTV is 80% with an early repayment charge of 6% on the amount repaid applying during the fixed rate period. However, customers can overpay by 5% each year without being subject to this charge.
For customers switching from another lender all legal and survey fees will be covered under the bank's Switch & Save option.
04 June 2007 © Moneyextra.com
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