Woolwich Buy To Let Mortgages
Compare Woolwich Buy To Let Mortgages
Woolwich offers a range of buy to let mortgage deals, which they offer in partnership with Barclays. With a Woolwich buy to let mortgage you could choose from either fixed rate or tracker rate buy to let mortgage, so you can select the option that suits your needs best.
Features of Woolwich Buy to Let Mortgages
A Woolwich buy to let mortgage could offer useful benefits to both first time and experienced landlords, including:
- Borrow with others - The option to borrow either as an individual or as part of a group of up to four people
- Letting flexibility – Choose how you rent out your Woolwich buy to let property from a range of options including, but not limited to, a standard Assured Shorthold Tenancy Agreement
- Mortgages from £50,000 to £1m per individual property – borrow up to £3m in total with Woolwich buy to let mortgages spread over a portfolio of properties
- Borrow over terms of 5 to 25 years and choose from interest only or capital repayment plans
- Portability – move your Woolwich buy to let mortgage to a new buy to let property if required
- Flexible terms - make overpayments on your mortgage without incurring early repayment charges
Regulation Changes from 2017
When preparing to apply for a buy to let mortgage from Woolwich, it is important to note the changes to the buy to let mortgage regulations and how they affect buy to let mortgage applications.
Firstly, lenders will no longer review properties in isolation. Prior to the 2017 changes, lenders could spread equity across their portfolio to cover up a property that was not profitable. Nowadays, lenders will review the landlord’s entire portfolio and refuse to provide a buy to let mortgage if one or more of the properties are not profitable.
Secondly, landlords’ income will be scrutinised more than before. To minimise the likelihood of falling behind on mortgage payments, lenders will request landlords to illustrate that they can afford mortgage payments in the event that interest rates increase to 5.5%.
Finally, the changes to the regulations have forced lenders to increase the rental coverage ratio requirement. Unlike in previous years where landlords only needed a rental coverage ratio of 125%, lenders now request that landlords have a rental coverage ratio of at least 145% (or 170% for houses in multiple occupation). Landlords should note that they cannot simply raise the proposed rent to meet the criteria, as lenders will only accept rental coverage ratio estimates that are based on a professional surveyor’s valuation.
Features of the Woolwich Buy To Let Mortgage Application Process
To make things easier for landlords, Woolwich offers a dedicated application manager to assist you though all stages of the buy to let mortgage application process. Other features include:
- Special mortgage deals for existing Barclays/Woolwich buy to let and residential mortgage customers
- Special deals for current Barclays customers including an easy Woolwich buy to let mortgage application process
- Get a decision on your Woolwich buy to let mortgage in minutes when you apply online
- Receive updates on the progress of your Woolwich buy to let mortgage application by text, phone or post
To find out if a Woolwich buy to let mortgage is the best deal for you, see the table and call for quotes, or compare them with other providers.
Compare the various features and benefits of Woolwich buy to let mortgage offers with other leading mortgage deals on the market. Use our free, whole of market independent mortgage comparison service and find the best deal for you. Speak to our specialist team to help you find the right mortgage option for you.
To investigate your buy to let mortgage options call our specialist team on 0117 403 4222 or fill in our call back form.