Woolwich dangles fee-free deals to first-time buyers

Thursday 27th October 2011

Barclays, through its mortgage arm Woolwich, is today extending its range of fixed rate mortgage deals to 90% LTV, including a fee-free three-year fixed rate at 4.99%.

The 90% range also includes a five-year fixed rate at 5.49% with no application fee for customers who qualify for a Barclays Loyalty mortgage, and a £499 fee for all other borrowers.

All the deals revert to a lifetime tracker of 3.39% above base after the fixed rate period ends. All 80 and 85% LTV mortgages will be maintained at their current rates.

Andy Gray, head of mortgages for Barclays, said: “As one of the UK’s largest lenders, we recognise the importance of supporting the first-time buyer market which is why we’ve committed today to extend our lending to 90%.”

The 90% LTV deal means a typical first-time buyer purchasing a home at £150,000 would require a mortgage of £135,000 and will pay £788.41 a month on the three-year fixed rate deal at 4.99%.

The minimum loan available at 90% LTV is £50,000 and the maximum is £500,000.