Woolwich launches 'City Mortgage 3' as record bonuses are paid

Woolwich, which established itself as a leading provider of larger loans mortgages in 2006 is today launching ‘City Mortgage 3’ as people get their record bonus payouts.

‘City Mortgage 3’ is Woolwich’s lowest ever discounted rate for larger loans, at base -0.16 per cent for the first two years (current rate 5.09 per cent) with no early repayment charges, it then reverts to base +0.49 per cent for the life of the loan. This compliments the ‘City Mortgage 2’ which offers an offset lifetime tracker at base rate +0.34 which takes into account the fact that most bonuses have now been paid and customers can bridge the gap to the next bonus.

Andy Gray, head of mortgages for the Woolwich, said: “The uptake of our ‘City’ Mortgage has exceeded our expectations and this latest product gives great value and is also available for consumers who want to remortgage with free valuation and legal costs.”

The key product details for the ‘City Mortgage 3’ mortgage:

A low headline rate
Fully flexible overpay, underpay, payment holidays
No early repayment charge
85 per cent loan to value
Available to all existing and new customers. For customers switching from another lender we will cover legal and survey fees
Application fee £1995
Available for loans between £500,000 and £2m