Mortgage advice could be crucial in securing Woolwich deal
06-Apr-2010
Prospective home buyers may require effective mortgage advice if they are to secure a new deal being created by Woolwich.
The building society is, through Barclays, to offer both fixed rate and tracker mortgages with reduced rates from tomorrow (April 7th).
"With more people looking for mortgages, the substantial cuts to mortgage rates are giving people the right mortgage at the right time," says Andy Gray, head of mortgages at Barclays.
On typical deals where the loan-to-value ratio is 70 per cent, Woolwich will offer customers cuts in rates of between 0.1 and 0.5 per cent.
This will make the lowest amount it requires to be paid back annually the base rate plus 1.99 per cent.
But without good-quality mortgage advice, buyers may find it more difficult to finalise a deal with the lender.
First-time buyers could use the Woolwich mortgage to take advantage of new regulations set out in the recent Budget, which mean they do not have to pay stamp duty on properties worth up to £250,000.
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