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Woolwich unveils lowest fixed rate

Woolwich has launched its lowest fixed rate mortgage at 2.29%.

This is 1.5% lower than the previous rate for the same product.

After one year the product tracks the Bank of England base rate plus 2.29%. It is available at 60% LTV, has an early repayment charge of 2% for the first three years and an app-lication fee of £995.

The product is also available with Woolwich’s Switch & Save facility, which allows borrowers to remortgage without legal or valuation fees.

Andy Gray, head of mortgages at Woolwich, says: “We are seeing some of the best mortgage rates for a generation due to to increasing competition.”

Sole broker Roy New says: “This is a fantastic product. It’s about time lenders started giving something back to brokers.”


Unsound bite

No blushes were spared at the British Property Federation’s residential conference in London last week. Mark Loveday from Hammersmith and Fulham Council took his seat at a pre-conference dinner and while tucking in, was asked by the guest on his right what he thought of landlord licensing, a concept advocated by keynote speaker Dr Julie Rugg.

Concern over “significant losses” at Barclays

Moody’s has cut its long-term ratings on Barclays amid fears of “significant further losses” and forecasts that the bank will be forced to accept government support.

YouGov launches the Recession Tracker

YouGov, the international research company, has launched the Recession Tracker, an online portal updated daily to provide insight into how consumers are really responding to the volatile economic conditions. The portal aims to help UK businesses identify new trends and to understand changes in consumer confidence and spending behaviour in the wake of the credit […]


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