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Woolwich unveils 'hybrid' mortgage product
14 November 2008 15:54
The high street lender Woolwich has unveiled an innovative new mortgage deal intended to beat the credit crunch.
Its fixed and tracker hybrid mortgage is available with an interest rate of 3.99 per cent for the first two years, before switching to a tracker at 1.99 per cent above Barclays' base rate.
The home purchase loan offers a 60 per cent loan to value with a fee of £995, or alternatively, customers can avoid the fee and start with an initial rate of 4.49 per cent.
Andy Gray, head of mortgages at Woolwich's parent company, Barclays, told Mortgage Strategy that as far as fixed-rate deals go, this was one of the best on the market.
He added that its low rate meant that holders immediately benefited by having cash in their hands now, with guaranteed low payments until 2010.
Earlier this week, Alliance and Leicester also revealed two new competitive mortgage deals.
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