Woolwich offers loans by phone to safe buyers
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.WOOLWICH Building Society is launching a telephone mortgage service for borrowers with at least a 20 per cent deposit.
The service, called Woolwich Direct, is only available to borrowers who own their homes and can therefore demonstrate a good repayment record with their existing lenders.
For those who meet the criteria, Woolwich says a five- minute phone call is enough for it to provide a mortgage quote, and a mortgage offer in principle.
Applicants are then sent an information pack, which includes a part-filled form for them to complete.
Along with the form, they must also include a valuation fee, proof of income and a reference from their existing lender.
Woolwich Direct then completes the underwriting process with a credit search and a fraud detection programme.
John Stewart, operations manager for the new service, said: 'Our research shows that many customers prefer to arrange their mortgage over the telephone and will welcome the opportunity to do so in a quick straightforward manner, without the need to visit a branch.'
The service recently underwent a pilot study, in which pounds 1m was borrowed within two weeks of it being started.
The only other company operating a similar in-principle telephone service is First Mortgage Securities, a mortgage lender based in London.
For further details ring Woolwich Direct on 0645 757575 or First Mortgage Securities on 071- 836 3863.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments