View more on these topics

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.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Greedy gits!!!!!!!!
    £3999 fee in a market more stable than owner occupier you must be joking!!!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm