Woolwich cuts rates on buy-to-let mortgages

Woolwich is substantially reducing the interest rates of key buy to let mortgages, with the portfolio lifetime tracker reduced by 0.40 percentage points, and the five year fixed rate mortgage reduced by 0.50 percentage points.

Both products will be available at the same rates through intermediaries and direct from the bank.

"We've been able to make these reductions thanks to solid improvements in SWAP rates," said Andy Gray, Head of Mortgages for Woolwich. "Thanks to these improvements, last week we launched market leading fixed and tracker residential mortgages. Now better SWAP rates have enabled us to substantially reduce rates on some of our most popular buy-to-let mortgages.

"The rate change is good news for the less experienced buy-to-let investor. Much more than professional landlords, they have been deterred from taking part in the market by recent credit conditions."

The new products are offered on a maximum loan to value of 75 per cent.

For more information, visit woolwich.co.uk