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Woolwich extends ‘Great Escape’ to 80% LTV

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  • 05/01/2011
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Woolwich extends ‘Great Escape’ to 80% LTV
Barclays through its intermediary brand Woolwich Mortgages will lower the deposit needed on its Great Escape remortgage package for Standard Variable Rate (SVR) borrowers to 20%, or those with an 80% LTV from tomorrow.

The ‘Great Escape’ loan to value was extended from 70 to 75 per cent in November 2010 and offers a lifetime tracker mortgage at base +3.18 per cent. The 70 and 75 per cent (LTV) deals remain at base +2.38 per cent and base +2.58 per cent respectively.

The package also offers fixed rates including those at 3.28 per cent to 70 per cent LTV and 3.48 per cent to 75 per cent LTV.

Andy Gray, head of mortgages for Barclays said: “Our latest estimate is that there are still 800,000 borrowers who are sitting on lenders standard variable rates (SVRs) who could benefit from switching.”

The fee-free deal covers application, legal and valuation fees, with £300 cash back to cover the exit fee.

Borrowers with a tracker deal can choose the switch and fix feature, allowing them to fix their rate when worried about future interest rate rises.

Ian Gray, mortgage manager at Docklands-based broker Largemortgageloans.com, said Woolwich offers a lot more flexibility than other lenders and bespoke underwriting on loans worth £500,000+.

“There’s a direct-only 80% LTV remortgage from Leeds Building Society which beats the Woolwich on rate at 2.95%. So for larger loans of over £200,000 it would probably be better to pay the fees on the Leeds deal,” said Gray.

“However, it’s a good deal for smaller loans and Woolwich is doing a great job on underwriting right now,” he added.

 

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