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Woolwich puts 1% application fee on SVR

Woolwich has introduced a minimum application fee of £1,000 to all buy to let borrowers applying for its Standard Variable Rate.

It says that the 1 per cent application fee must be paid at the time of the application.

The lender is also increasing rates on its BTL product range with effect from tomorrow.

It has increase rates on its 5 year BTL fixed rate from 6.39 per cent to 6.89 per cent.

It has also hiked its application fee from £995 to a minimum of £1,500.

Loan to value remains at 75 per cent and the minimum loan size is £50,000.

Its ERC is 6 months interest at the interest charging rate for 5 years and up to 10 per cent overpayment is allowed without an ERC.

Woolwich is withdrawing its lifetime tracker +0.89 per cent, its 2 and 5 year fixed rate at 6.39 per cent.

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