Woolwich announce lowest ever flexible mortgage rate
Published on 29th October 2009
The cloud seems to be lifting from the mortgage market with competitive mortgages becoming more readily available. With this in mind we are pleased to announce the lowest ever pay rate on a flexible mortgage from the Woolwich at just 1.48% above base rate.
Barclays/Woolwich has announced their lowest ever pay mortgage rate in September, a sign of renewed confidence in the mortgage market. At just 1.48% above base rate for the first year and 2.49% above base rate for the remaining life of the mortgage it could represent a substantial saving for Contractors. However, there is an early repayment charge of 2% tying you in until January 2013 so it wont be suitable for everyone.
Using the contract based income underwriting that we have in place with the lender we can help. If you are looking to remortgage this scheme could save you thousands or alternatively if youre in the process of buying a home this mortgage could offer you a low initial interest rate until you get your feet on the ground and are settled into your new home. It is worth remembering that a flexible mortgage rate will rise and fall with the base rate. As the base rate is currently at its lowest in over 300 years, it is likely that it will begin to rise again before January 2013 and until this date you would face a repayment penalty if you attempt to change schemes.
It is therefore advisable to consider the affordability of your flexible rate mortgage if the base rate were to rise to its previous level in order to make sure you dont get caught out if rates begin to rise again.
The mortgage advisers at ContractorFinancials are experts in finding mortgage solutions tailored to the unque needs of Contractors and are able to negotiate mortgages based on your contract rate alone. Benefit from a competitive mortgage rate with a well known provider without the hassle of dealing with High Street banks.
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