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Woolwich opens door for remortgages

Woolwich has introduced the Open Plan 2 per cent discount mortgage that offers borrowers looking to remortgage the choice of free legal fees or a £300 cashback.

The latest figures from the Council of Mortgage Lenders show that remortgaging accounted for 31 per cent of all lending in November 2000.

The mortgage has an interest rate of 5.75 per cent and is available for loans of up to 90 per cent of valuation. Borrowers will also benefit from free valuation and no arrangement fee, which could save them up to £1,000.

The Woolwich mortgage has a good interest rate for loans up to 90 per cent of valuation, but here are cheaper rates around. According to Moneyfacts on January 9, 2001, Barnsley Building Society has a two-year discount mortgage with a 2.40 per cent discount, giving an interest rate of 5.05 per cent.

Like the Woolwich mortgage it is available for loans of up to 90 per cent of valuation. The Barnsley Building Society mortgage has free valuation and no arrangement fees, but unlike the Woolwich mortgage, borrowers must pay the legal fees. The Barnsley Building Society only lends to borrowers who are buying property locally, which is a restriction that the Woolwich mortgage does not have.


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