The UK’s fifth biggest mortgage lender, The Woolwich has announced cuts on many of it’s mortgage packages and relaunched it’s lifetime tracker and five year fixed rate loans, to buyers with as little as 20% deposit.
Today’s report in the Daily Mail sees the move as a sure sign that competition is returning to the mortgage market, while the Woolwich which is owned by Barclays, suggest that they are simply fulfilling their pledge made last month, to make £5.5billion of funds available for lending to homeowners.
Some of the new rates will put the Woolwich into the ‘best buy’ categories of mortgage providers, and particularly attractive are the products requiring a larger deposit. Although the bank is aiming mainly at those customers with large deposits, it does appear rather worryingly, that if you are prepared to pay the rate, mortgages of 90% LVT are still being made available.
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