Woolwich expands range of new build mortgages

by Aaron Strutt

Jan 23 2016

Woolwich for Intermediaries has enhanced its range of new build mortgages and extended completion deadlines.

If you agree to purchase a new build property and the build is not ready within six months, Woolwich can extend the mortgage offer for another six months.  

Aaron Strutt, product manager at Trinity Financial, says: “If you need to extend the offer the lender may ask you for updated payslips and bank statements. They are keen to ensure you still qualify for the mortgage and your financial circumstances have not changed.”

Some of the larger lenders are looking to provide more new build mortgages over the coming years and they are improving their propositions.

Trinity Financial has access to Woolwich for Intermediaries most competitively priced new build mortgage. It is a 2.04% rate which tracks the Barclays Bank Base Rate (BBBR) plus a margin of 1.54% for two years.

After the initial tracker period, the mortgage reverts to the lender’s higher variable rate of 3.99%, which is 3.49% over the BBBR. The overall cost for comparison is 4.5% APR.

There is £995 arrangement fee and applicants will need a 15% deposit to qualify. The maximum loan size is £1 million and there are no early repayment charges.

For help to secure a new build mortgage, call Trinity on 020 7016 0790.