This gives the product a current rate of 5.74 per cent and it has as arrangement fee of £295.
Buy-to-let investors also have access to the two-year fixed rate mortgage ranging from 5.59% with a 1 per cent fee to 6.09 per cent with a fee of £295.
Andy Gray, head of mortgages for the Woolwich said: “Our focus has been on providing competitive buy-to-let deals with a low fee of £295. Other fees that have come through in the market have been as high as 2.5 per cent which equates to £3,750 for a £150,000 mortgage.”
Key features of the lifetime tracker:
- Lifetime tracker at base +0.49 per cent
- Arrangement fee of £295
- 65 per cent loan-to-value
- Minimum loan size £35,000
- Available to all existing and new customers
- 5.59 per cent with a 1 per cent arrangement fee
- 85 per cent loan-to-value
- 6.09 per cent with a £295 arrangement fee
- 65 per cent loan to value
- Both have a minimum loan size of £35,000
- Last year Woolwich enhanced its rental cover criteria - minimum interest cover 125 per cent of which the interest is calculated at a nominal rate of 5 per cent.
- Borrowers can build a portfolio of properties up to an aggregate of £5 million with no limit on the number of properties.
- For loans up to £500,000 and with a maximum loan to value of 75 per cent, proof of income is no longer required.
- For loans greater than 75 per cent loan-to-value or where the maximum aggregate buy to let borrowing is between £500,001 & £1m, only the latest payslip and personal bank statement for the principal applicant are required.
- No documentation required from second and subsequent applicants
- A copy of the letting agreement is not required
- Loan on individual properties up to £2.5 million considered
