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Buy to Let mortgages
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Buy to Let (BTL) mortgages
We could help you find the ideal Buy to Let mortgage – so all you have to do is find the perfect tenants. We offer a range of fixed and tracker products so you can pick the one that’s right for you.
Please note that if you wish to borrow via a Special Purpose Vehicle Limited Company or Limited Liability Partnership only the cashback option is available.
Woolwich Switch & Save® Legal remortgage packages are also available on selected Buy to Let Mortgages. So if you move your mortgage from another provider, we’ll make sure you have no valuation fees to pay. You will also receive a free legal service via a panel of solicitors who act purely on our behalf.
Please note that if you wish to borrow via a Special Purpose Vehicle Limited Company or Limited Liability Partnership only the cashback option is available.
With our Buy to Let mortgages you’ll get:
A choice as to how you want to borrow. You can borrow in your own name, as a group of up to four private individuals, via a Limited Liability Partnership (LLP) or even via a Special Purpose Vehicle (SPV) Limited Company if you are looking for a separate investment vehicle.
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 of £35,000 to £2.5m (subject to product availability) on an individual property, over a term of 5 to 25 years. You can borrow on an unlimited number of Buy to Let properties with us up to £5m subject to formal approval.
Repayments on an interest-only, and/or capital repayment basis.
Portability so you can transfer your Buy to Let mortgage to another Buy to Let property.
You may not need to earn a minimum income to apply for a Woolwich Buy to Let mortgage if you meet certain criteria; speak to us to find out more. Where a minimum income is required the principal customer must earn and be able to evidence a gross annual income of £20k, increasing to £50k where you wish to have aggregate Buy to Let mortgages with us in excess of £2m. 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. We require rental cover of 120% calculated on the initial pay rate of the product you select.
General advice:
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.
Remember:
Buy to Let should be viewed as a long-term 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.
Give us a call if you want to chat about BTL mortgages
Call us on
0845 678 9992*
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Do you need insurance?
Get yourself covered. There are many different types of policy available.
Any property used as security, which may include your home, may be repossessed if you do not keep up repayments on your mortgage.
Selection of our Buy to Let mortgages
| Product | Interest rate | The overall cost for comparison is | Application fee | How much can I borrow? | Early repayment charge |
Find out more or apply | |
|---|---|---|---|---|---|---|---|
| Initial | Following on to | ||||||
Lifetime Tracker |
BBBR + 1.59%, currently 6.59%, variable for the remaining term of the mortgage | N/A | 7.0% APR | 1.5% of Loan amount (Min £1500)† | Up to 75% of the value of the property. Minimum loan £50k. Maximum loan £1m | 6 months at the interest charging rate for 3 years | Call 0845 678 9992* for Buy to Let mortgages |
5 year fixed |
6.89% until 02/08/2013 | BBBR + 0.95%, currently 5.95%, variable for the remaining term of the mortgage | 6.9% APR | 1.5% of Loan amount (Min £1500)† | Up to 75% of the value of the property. Minimum loan £50k. Maximum loan £1m | 6 months interest at the BTL SVR or fixed rate whichever is higher until 02/08/2013 | Call 0845 678 9992* for Buy to Let mortgages |
BBBR = Barclays Bank Base Rate, which is currently 5.00% (Effective 11 April 2008).
† Where an existing customer switches to a new mortgage rate, a rate switch fee of £100 would also apply.
