Big societies rethink their loan offers

WOOLWICH, Halifax and Abbey National relaunched their mortgage portfolios this week.

Abbey and Halifax have each introduced an 8.95 per cent rate fixed until January 2003. The booking fee in each case is pounds 300.

Both are also offering a 6.99 per cent fix for first-time buyers. Halifax's is fixed until January 1996, Abbey's continues for another four months. Arrangement fees are pounds 90 with Abbey and pounds 200 with Halifax.

Woolwich offers discounts of up to 3.5 per cent on its variable rates. First-time buyers borrowing more than pounds 60,000 but less than 75 per cent of value will pay a discounted variable rate of 4.49 per cent. Others who have already accumulated a large deposit may be attracted by the 5.65 per cent variable rate on loans of pounds 60,000 or more.

Northern Rock has a four-year fixed mortgage at 7.58 per cent with a fee of pounds 275. The society also has a two-year fix at 6.68 per cent, and a three-year loan pegged at 6.96 per cent.