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Woolwich calculates flexible loan worth

The Woolwich is setting up an online debt consolidation calculator for IFAs to demonstrate to clients the benefits of putting existing loans into a flexible mortgage.

The calculator is int ended to make it easier for intermediaries to show cli ents the advantages of lumping together savings, loans and mortgage payments which the Woolwich says will save interest and monthly repayments at the click of a mouse.

The E-debt calculator allows intermediaries to customise quotes to suit clients&#39 circumstan ces by specifying repayments, changing the term of loans and by maintaining current monthly payments. It can also be used with any of the Woolwich&#39s open-plan flexible mortgages.

The Woolwich says the intermediary keys in the balance, remaining term and interest rate for all their client&#39s debts such as credit cards, mortgage and personal loans to show the possible savings.

Senior product manager Andy Gray says: “The interactive calculators on the intermediary website takes the user through the whole concept of consolidation and gives them all the information they need to demonstrate savings to their client.”

The calculator can be accessed through the Woolwich intermediary website at www.woolwich intermediaries.co.uk.

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