Woolwich relaunching B2L 75% LTV direct deals
Woolwich is relaunching its 75 per cent LTV buy-to-let deals tomorrow, through its direct only channel.
The lender was forced to pull its 75 per cent LTV deals in November, less than one month after launching them, in order to manage service levels.
Woolwich is initially only launching the deals through its direct channel, but says it hopes to relaunch through brokers when it is confident its systems are ready.
A spokeswoman for Woolwich says: “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.”
Woolwich pulled its 75 per cent LTV deals in November 2011 as a result of it being inundated with applications from brokers.
The lender also suffered another setback this month when its back office system for processing buy-to-let cases crashed for two days.
It also had to increase its service-level agreement for initial case assessments to fourteen working days.
It will be launching a number of new deals through its direct route tomorrow, including a two-year fixed rate up to 75 per cent LTV at 5.29 per cent, with a £3,999 fee.
It will also be launching a two-year tracker up to 75 per cent LTV at base +3.99 per cent, also with a £3,999 fee.