Woolwich has given a face-lift to its recently launched ‘City mortgage’ enabling workers to pay for their home more quickly.
The new offset tracker deal is available at 0.34 per cent above the base rate, but only for loans in excess of £500,000 and at up to 85 per cent of the value of the house.
Borrowers will also be able to overpay, underpay or even take a payment holiday, as well as being given the freedom to use both their savings and their current account to offset their mortgage.
Andy Gray, Woolwich’s head of mortgages claimed that it made sense to make this product a lower rate tracker, as this was the sort of deal that would offer the best value to customers.