Woolwich mortgage deals for 75 per cent LTV buy-to-let are relaunched

Back in November 2011 Woolwich mortgage products, for 75 per cent LTV for buy-to-let borrowers, were withdrawn from the market. The withdrawal was the result of the lender being inundated with applications from brokers.

The lender advised that the withdrawal would be temporary and true to their word, three months on, the Woolwich mortgage buy-to-let product range has been relaunched. The relaunch is hailed as one of the best buy-to-let lending hopes for 2012 however, the products on offer will be sold direct-only for the time being.

A Woolwich spokesperson has said that the lender recognises the importance of supporting the buy-to-let market and has planned the relaunch in a controlled way starting with their own channels. Once demand has been monitored the products will then be made available to brokers.

The new range includes a fixed rate at 5.29 per cent and a tracker rate at Base Rate plus 3.99 per cent, both at 75 per cent LTV and with fees of £3,999. The lender is also offering a fixed rate of 3.98 per cent at 60 per cent LTV with a fee of £3,999 and a tracker at 60 per cent LTV at base plus 3.49 per cent with the same £3,999 fee.

Last November's Woolwich mortgage buy-to-let launch and subsequent withdrawal was seen as a disappointing start, however with the relaunch it is hoped that the Woolwich and will start to bring serious competition to the buy-to-let sector in 2012.