11 Nov

Woolwich introduces new tier to mortgage ranges

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.

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