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Woolwich offers fixed and stepped loans for FTBs

The Woolwich is offering a range of new mortgages tailored to first-time buyers.

As reported in Money Marketing last November, Woolwich has been looking at entering new markets and exp- anding its products this year.

Its three-year fixed rate at 5.39 per cent includes 500 cashback and a 100 application fee. The two-year stepped tracker is designed for paying stamp duty, with 1.5 per cent cashback on the amount borrowed. It starts at Barclays’ current base rate of 4.75 per cent plus 1 per cent for year one.

Head of lending Andy Gray says: “In the next part of the year, you will see more and more products from Woolwich and changes to lending policy. There is definitely an opportunity for FTBs to start to come back into the market.”

Alexander Hall chief operating officer Andy Pratt says: “Woolwich is obviously looking to play their part in the market. Service is the big one for me. They say they are not looking for big numbers and high volumes and they will hopefully set a steady position. Their service has not been great and I would hope they rectify that.”

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