The Woolwich - Porting of a lifetime mortgage and then...

[admin]

A question from the cherry forum...

Post - ''Will the Woolwich allow a porting of a lifetime mortgage and then a top up on a selected fixed rate.? Is this possible,I have given up trying to get an answer from them.''

[Jack00]

The new Woolwich mortgage deal is called the Step Tracker. Its headline starting rate of 1.98% is available to borrowers with 40% deposit or current equity in their property. But with a rate this low you'd expect a catch, and yes, there's a substantial one. The discounted tracker rate – 1.48% on top of Barclays Bank Base Rate (BBBR) – only applies for the first year. After 12 months, it reverts to a lifetime rate of BBBR plus 2.49%. There's also an Early Repayment Charge (ERC) for the first three years, requiring you to pay two per cent of the sum outstanding if you re-mortgage during that period.