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Woolwich rapped by advertising watchdog

Woolwich Building Society has been rapped by the Advertising Standards Authority for misleading customers about the benefits of switching to a fixed rate from a variable rate loan.


The advertising watchdog criticised a direct mailing which told borrowers they could save money by switching to a fixed rate from a variable rate mortgage.


The mailing, sent to Woolwich customers, advised them they could save about £41 a month by switching to a loan fixed at 6.99 per cent until May 1 2003.


The ASA ruled that borrowers would only benefit from switching to a fixed rate mortgage for the five-year period.

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