11
Nov
Woolwich introduces new tier to mortgage ranges
Woolwich has announced that it is bringing in a 75 per cent
loan-to-value (LTV) tier across its two-year fixed and tracker
ranges.
This is the first time since August 2008 that the building society
has offered such a high LTV, which will be available on loans of up
to £500,000.
Reductions to rates on its 70 per cent LTV tracker mortgage are
also due to be implemented, with the interest dropping from 2.79
per cent to 2.77 per cent.
Andy Gray, head of mortgages at Woolwich, said: "This is the fifth
time we have lowered our rates since the beginning of September and
we are definitely seeing a trend in the market for lower rates and
more competition."
He added that people are beginning to return to the mortgage market
and that the latest products from the provider offered borrowers "a
greater choice".
In October, the Council of Mortgage Lenders published research
which revealed that the average LTV mortgage taken out by
first-time buyers in August this year was 75 per cent, compared
with 85 per cent a year earlier.
