A choice as to how you want to borrow. You can borrow in your own name or as a group of up to four private individuals.
Applications for new Special Purpose Vehicle (SPV) Limited Companies and/or Limited Liability Partnerships will no longer be accepted, however we will continue to accept applications from our existing Woolwich BTL SPV and LLP mortgage customers.
A choice of how to let your Buy to Let property from a range of acceptable options. You’re not restricted to just an Assured Shorthold Tenancy.
Mortgages up to £1m (subject to product availability) on an individual property, over a term of 5 to 25 years. You can borrow to £3m with us on Woolwich Buy to Let properties.
Repayments on an interest-only, and/or capital repayment basis.
Portability so you can transfer your Buy to Let mortgage rate to another Buy to Let property.
You will need to earn a minimum income to apply for a Woolwich Buy to Let mortgage. The principal customer must earn and be able to evidence a minimum gross annual income of £25k, increasing to £50k where aggregate borrowing or an individual loan size is over £500,000. If you're a Barclays Current Account customer, we've made applying for a Woolwich Buy to Let even easier! Ask us how.
Calculating how much you could borrow
Your Buy to Let property needs to generate enough rental income to cover your annual mortgage interest payments.
Please note that an assessment of the market rent based on letting to a single household, will be provided as part of our valuation and it is this figure which will be used to actually underwrite your mortgage.
Owning an investment property is not like owning your own residential home; you’re effectively running a small business. It’s vital that you do your homework before you decide to invest in a residential property.
Buy to Let should be viewed as a longterm investment opportunity the value of property can go down as well as up.
Ensure you thoroughly research a prospective property and seek advice from local letting agents regarding its suitability for letting, level of current demand and anticipated rental income. Consider potential for other letting methods.
Factor ‘hidden costs’ (such as solicitors’ fees, stamp duty, letting agency & management fees, building insurance, ground rent/service charge for leasehold flats, maintenance/repairs to the property) into your calculations.
Consider the implications on your tax affairs. We recommend that you consider taking professional tax advice from an accountant or discussing with your tax office.
Make provisions for how you would make your monthly Buy to Let mortgage repayments in the event of your Buy to Let property being empty, your tenants failing to pay or if interest rates rise.