This new package gives first time buyers a discounted rate of 1.70 per cent off the variable rate for three years with an initial rate of 4.34 per cent, £250 cash back, no mortgage indemnity fee and a reduced application fee of just £100.
Andy Gray, head of mortgages for Woolwich and Barclays says, "Our first time buyer package is the best deal available in the market, not only does it give a cheap rate for the first three years it saves a first time buyer £1,810* in start-up costs."
This new first time buyer package is available from today and homeowners can find out about more by contacting their local branch of Woolwich or Barclays, through the internet www.thewoolwich.co.uk and www.barclays.co.uk or by telephoning 0845 607 1111.
Monthly payments on a 25 year repayment first time buyer mortgage:
Loan Amount Monthly Payment
£50,000 £273.40
£75,000 £410.09
£100,000 £546.79
£150,000 £820.19
£200,000 £1093.58
In addition to today's launch, Woolwich also offers a package for families called Offset Together, which helps to reduce the child's mortgage payments simply by the parents offsetting their savings against the mortgage. The parents' money is kept completely separate in an account that they control and they can withdraw the arrangement at any time.
