A spokesperson at Woolwich said: “We recognise the importance of supporting the buy-to let market, therefore we will be re-introducing 75 per cent LTV for buy to let in a controlled way, beginning with our direct channels. We will monitor demand and will make these products available to brokers as soon as we can, ensuring that customer experience and processing times are protected.”
The range out today includes a fixed rate at 5.29% and a tracker rate at Base Rate + 3.99%, both at 75% LTV and with fees of £3,999.
The lender also offers through both channels a fixed rate of 3.98% at 60% LTV with a fixed £3,999 fee and a tracker to 60% LTV at base +3.49% with the same fee.
Specialist buy-to-let broker Ying Tan, managing director of The Buy to Let Business, said: “The lender’s November launch from 65 to 75% was the moment the market could start talking about Woolwich in the same frame as The Mortgage Works and BM Solutions. But for this intermediary and market leading lender, its been a disappointing start, especially this move launching direct into what is traditionally a specialist broker lending area.”
However, Tan added news elsewhere in the buy-to-let market is positive, and in time, Woolwich and new BTL lender Abbey will both gear up to bring heavyweight competition to the sector in 2012.
