Reduced buy-to-let mortgages from the Woolwich

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by Lin Freestone

Rates on buy-to-let deals are being cut by half a percentage point by the Woolwich, Barclays’ mortgage division.

Starting today, a new rate of 6.99% is being introduced on a five-year, fixed-rate deal from the Woolwich, down from 7.49%.

Woolwich has already cut rates on residential deals by up to 0.35 percentage points.

The two new Woolwich rates are available to borrowers with a minimum deposit of 25%. There is also a 1% fee for the five-year, fixed-rate deal, and an early redemption charge of six months interest during the first three years of the agreement.

The interest rate on the Woolwich’s portfolio lifetime tracker will also fall from 1.99% above the base rate, which currently stands at 5%, to 1.49% above base, giving a rate of 6.59%.

The portfolio tracker is aimed at professional landlords. This also charges a fee of £295 per property and also has an early redemption charge for the first three years of two months’ interest.

Landlords wishing to remortgage will no doubt welcome the reduced rates from the Woolwich, which is a major player in the buy-to-let market.