New offset mortgage from Woolwich

The Woolwich has expanded its mortgage range with a new offset product.

13:53 28 May 2004

The Woolwich has expanded its mortgage range with a new offset product.

Last year Woolwich and Barclays Offset customers saved more than 90 million in mortgage interest by offsetting savings against their mortgage.

And the Woolwich has already been awarded the best Offset and Current Account mortgage provider award by Moneyfacts this year.

Andy Gray, the head of mortgages for Woolwich and Barclays, says all this simply proves the popularity of such products: "The introduction of another offset mortgage is further proof of the demand for this type of product from homeowners."

6.5 million was saved in tax by those borrowers who used their savings to pay off their mortgage quicker, the bank points out.

The rate of the Woolwich offset mortgage is set at 5.1 per cent and the application fee is 150 cheaper than some other providers.