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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.
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 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 of £35,000 to £1m (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 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 £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 125% calculated on the initial pay rate of the product you select.
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.
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 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.
Give us a call if you want to chat about our mortgages
0845 075 7060*
For new mortgages & additional borrowing
0845 604 0581**
For existing mortgage queries
Or would you prefer us to call you?
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.
Awards we've won
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 | ||||||
3 year fixed Portfolio †† |
5.49% until 02/05/2013 | BBBR + 2.49%, currently 2.99%, variable for the remaining term of the mortgage | 3.9% APR | 1.25% of Loan amount (Min £1250)† | Up to 60% of the value of the property. (Minimum loan £35k Maximum loan £1m.) | 6 months interest at the BTL SVR or fixed rate whichever is higher until 02/05/2013 | Call 0845 075 7060* for Buy to Let mortgages |
3 year fixed |
6.39% until 02/05/2013 | BBBR + 2.49%, currently 2.99%, variable for the remaining term of the mortgage | 4.2% APR | 1.75% of Loan amount (Min £1750)† | Up to 60% 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 02/05/2013 | Call 0845 075 7060* for Buy to Let mortgages |
5 year fixed |
6.39% until 02/05/2015 | BBBR + 2.49%, currently 2.99%, variable for the remaining term of the mortgage | 4.8% APR | 1.75% of Loan amount (Min £1750)† | Up to 60% 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 02/05/2015 | Call 0845 075 7060* for Buy to Let mortgages |
BBBR = Barclays Bank Base Rate, which is currently 0.50% (Effective 6 March 2009).
Existing customers undertaking a Product Switch will be required to pay the application fee upfront. A non-disclosed re-valuation fee of £90 may also be payable.
† Application fee can be paid upfront or deducted from the advance upon completion.
†† A minimum of three properties are required for the initial transaction and must be submitted all at the same time. Subsequent applications can be submitted where the applicant (s) currently hold a minimum of three BTL properties with Woolwich.
