Woolwich unveils new 75% buy-to-let deals

Woolwich is extending its range of buy-to-let mortgages to 75% loan to value (LTV) from 3 November.

The range includes a five-year fix at 4.99%, a two-year fixed rate at 4.39% and a lifetime tracker at base + 3.49%.

The new deals come with a £1,999 application fee.

At 60% loan to value, the two-year fixed rate of 3.88% will be maintained.

The minimum loan available at 75% LTV is £50,000 and the maximum is £1 million. Borrowers will be assessed for the mortgage in line with Barclays standard lending policy and using our rental calculation – this requires the annual rent to cover 125% of the annual mortgage interest, for tracker mortgages it is calculated at 4.99%.

For existing Woolwich buy-to-let borrowers and new borrowers looking to purchase further properties at or below 60% LTV our policy remains the same but for new applications submitted over 60% LTV there will be a property cap of four properties.

Andy Gray, head of mortgages for Barclays, said: “The demand from buy-to-let investors has picked up in recent months as many people in the UK opt to rent for longer. We’ve also seen increased appetite from investors looking to remortgage.

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