Woolwich, the former building society, will start up its joint venture next month with Countrywide, the US home loans group, which could severely cut the costs of processing mortgages in Britain. Other US mortgage specialists, including HomeSide and GMAC, are also eyeing the British market. Their arrival could lead to cheaper loans for consumers, and possibly to the introduction of new US-style products such as 25-year fixed rate mortgages.

Cheap mortgages from foreign lenders may become available, Business This Week 2