Woolwich announces new buy-to-let fast-track proposition

14-Nov-2006

Woolwich has announced the simplification of its documentary requirements for buy-to-let mortgages, potentially giving first time buyers one less thing to worry about.

With first time buyers and repeat purchases potentially worried about theoretical rises in interest rates and the need to save for an adequate deposit, Woolwich has decided to end its proof-of-income requirements for buy-to-let loans of up to £500,000.

The lender's revised criteria is only available with a loan-to-value (LTV) up to 75 per cent.

"Our simplified lending policy builds on the changes we made in September to rental calculation," said Andy Gray, head of mortgages at Woolwich.

"With today's improvements we think we now have a market leading proposition which shows our commitment to this market," he added.

For loans with a LTV over 75 per cent, or for borrowing in excess of £500,000, Woolwich now requires the principle's latest payslip and bank statement; subsequent applications are no longer required to submit documentary evidence of earnings.

Woolwich offers a range of mortgages for first time buyers and repeat purchasers, with interest rates starting from 4.98 per cent.

To find out more about this mortgage, contact a good mortgage broker.

To find out how to get onto the property ladder by buying to let somewhere else click here.

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