The Woolwich has launched a new range of Open Plan mortgages.
Open Plan is a range of flexible mortgages which allow overpayment/underpayment and borrowing against capital already built up.
The range includes a two year fixed rate until August 1, 2001 at 5.85 per cent up to 90 per cent loan to value. A five year fixed at 5.65 per cent until August 1, 2004 is also available up to 90 per cent loan to value.
There is a one year discount of 2.55 per cent of the standard variable rate of 6.54 per cent up to 90 per cent loan to value.
Redemption penalties for the two year and five year fixed rates are six months' interest during the fixed term at either the standard variable rate or fixed rate whichever is the higher.
For the discount loan the redemption penalty is six months' interest at SVR for the first four years.
All the loans have a £295 application fee.