UK Money News
17th April 2008
Rates increased on Woolwich buy to let products
Buy to let investors have been dissuaded from applying for a home loan with Woolwich with the news that the lender has imposed rate increases.
Rates on Woolwich's buy to let tracker product have increased by 0.7 per cent, meaning that the difference between this and the key base rate of inflation has risen by 1.59 per cent.
The lender has also introduced a one per cent fee on all of its variable rate loans, with a minimum charge of £1,500.
News of the decision follows similar moves from rival lenders who are seeking to reduce demand by withdrawing their most competitively priced products.
Melanie Bien, director of the independent mortgage broker Savills Private Finance, told the Times: "Woolwich's combination of hiking rates substantially on some deals, introducing a large fee for the SVR and scrapping its two-year fix sends out an unequivocal message - that it is reining back from buy-to-let and does not want new business."
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