6.59% Tracker

6.59% Tracker

Up to £1,000,000 75% LTV (Rmg 75%)

Mortgage is Portable

You can keep this mortgage if you move to another property provided that you still meet the Woolwich lending criteria at that time. The mortgage terms and conditions will apply. For full details of the conditions please see the product literature.

Available to private individuals , Special Purpose Vehicle (SPV) Limited Companies and Limited Liability Partnerships (LLPs) for purchases or RMTG.

Clients may borrow in their private name (whether a UK resident, Non UK-Resident or Expatriate), as a combination of private individuals, as a Special Purpose Vehicle (SPV) Limited Company or a Limited Company or a Limited Liability Partnership (LLP). A BTL mortgage may have up to four members/directors/shareholders all of whom must be private individuals.

NB. Where Woolwich BTL mortgages are in a mix of borrower types, the maximum aggregate of £5m applies across all Woolwich BTL mortgages regardless of the borrowing type also Borrower Types cannot be mixed on individual mortgages.

• The Applicant must have owned the property for a minimum of 1 year before a remortgage will be considered.

• If the first registration on the property was 2 or fewer years ago the LTV will be restricted to 65%

Product is not CAT standard.

Limited Company acceptable.

Following receipt of an overpayment or a lump sum reduction, The Woolwich will immediately reduce the mortgage balance on which the interest is charged. This means that you will receive benefit straight away.

Buy to Let : Accepted

Capital Rest Period : Monthly

Repayment Yes

Endowment Yes

PEP Yes

Pension Yes

Interest only (no RV) Yes

With Profits Yes

Unit Linked Yes

ISA Yes

Split Repayment Yes

Arrangement : 1.5% of loan Upfront

Booking : None

6 Months interest within first 3 Years, 10% capital repayments allowed per year without penalty

None

Basic:

upto £75,000 - £220

upto £100,000 - £230

upto £150,000 - £270

upto £200,000 - £300

upto £250,000 - £340

upto £300,000 - £380

upto £350,000 - £400

upto £400,000 - £435

upto £450,000 - £450

upto £500,000 - £495

upto £600,000 - £555

upto £700,000 - £615

upto £800,000 - £650

upto £900,000 - £800

upto £1,000,000 - £900

The Arrangement fee of 1.5% of loan (Min £1,495) can be paid up front or deducted from the advance.

Legal fees shown are just an indication and not Woolwich fees.

Option to transfer at any time to another BTL product subject to new application fee, where an existing customer undertakes a Rate Switch, the Rate Switch Fee of £100 is also applicable. Early Repayment Charges will be calculated based on the Reverting rate

Woolwich BTL mortgage customers who apply for a subsequent Woolwich BTL mortgage may be eligible for a £75 discount off each additional application fee due. This discount does not apply to % Application Fee products.

Valuation fee is 0.15% for properties between £1 million - £5 million.

The administration fee payable on a Further Advance is £150. This includes the valuation fee if re-valuation of your property is required.

Woolwich Legal fees are quoted for £100,000 valuation, the fees charged are listed below;

England and Wales Solicitor Fees

Where [Property price / value]> 0.01 and <=15,000 then [Solicitor fee] = £80.00

Where [Property price / value]> 15,000 and <=20,000 then [Solicitor fee] = £85.50

Where [Property price / value]> 20,000 and <=25,000 then [Solicitor fee] = £91.00

Where [Property price / value]> 25,000 and <=30,000 then [Solicitor fee] = £94.00

Where [Property price / value]> 30,000 and <=60,000 then [Solicitor fee] = £100.00

Where [Property price / value]> 60,000 and <=100,000 then [Solicitor fee] = £126.00

Where [Property price / value]> 100,000 then [Solicitor fee] = £126.00 + £1.25 for every

10,000 over 100,000

Scotland Solicitor Fees

Where [Property price / value]> 0.01 and <=15,000 then [Solicitor fee] = £352.00

Where [Property price / value]> 15,000 and <=20,000 then [Solicitor fee] = £382.00

Where [Property price / value]> 20,000 and <=25,000 then [Solicitor fee] = £411.00

Where [Property price / value]> 25,000 and <=30,000 then [Solicitor fee] = £441.00

Where [Property price / value]> 30,000 and <=60,000 then [Solicitor fee] = £588.00

Where [Property price / value]> 60,000 and <=100,000 then [Solicitor fee] = £793.00

Where [Property price / value]> 100,000 then [Solicitor fee] = £793.00 + £58.75 for every

10,000 over 100,000

Northern Ireland Solicitor Fees

Where [Property price / value]> 0.01 and <=15,000 then [Solicitor fee] = £70.00

Where [Property price / value]> 15,000 and <=20,000 then [Solicitor fee] = £75.00

Where [Property price / value]> 20,000 and <=25,000 then [Solicitor fee] = £80.00

Where [Property price / value]> 25,000 and <=30,000 then [Solicitor fee] = £82.00

Where [Property price / value]> 30,000 and <=60,000 then [Solicitor fee] = £88.00

Where [Property price / value]> 60,000 and <=100,000 then [Solicitor fee] = £110.00

Where [Property price / value]> 100,000 then [Solicitor fee] = £110.00 + £1.10 for every

10,000 over 100,000

Completion Fee - £35.00 Payable on completion.

Lender Conveyancing Fee - £126.00 Payable on completion. England & Wales only estimated Legal fees for a loan of £100,000 (See notes for actual figures). Payable to your conveyancer

Final Repayment Charge - £275.00 Payable on redemption.

Freehold Flat Refer

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop Refer

Maisonette Yes

Studio Flat No

Flying Freehold Refer

Thatched Yes

Timber Framed Refer

Concrete Refer

Agricultural Tie Refer

Flat Over 4 Storeys Yes

Listed Building Refer

Not Accepted

New Build acceptable. Freehold property conversions: will consider good quality properties split into self-contained units provided that:

-All conversion works have been carried out in accordance with Planning Consents & Building Regulations.

-That all individual units are fully self-contained with an average open market value for each unit of £41,176.

-Each unit is let on an acceptable letting basis.

-Our security will be the freehold of the property.

Refer to the lender for further details.

Properties can be let/leased by any of the following methods:

-Assured Shorthold Tenancy to a single household eg. Individuals/couple/family unit (min term 6 months - max term 2 years)

-A single Assured Shorthold Tenancy for sharing students or professionals (min term 6 months - max term 2 years)

- Leaseback Arrangements to Builders - subject to certain criteria please refer to lender (min term 6 months - max term 3 years)

-Company and/or Corporate Lets by means of a Lease (min term 6 months - max term 3 years)

-College and/or University Head Tenancy schemes (min term 6 months - max term 3 years)

-Lease to a registered Housing Association and/or Local Authority (min term of 6 months - max term 3 years) NB: If the initial term of the lease to a registered Housing Association and/or local Authority was 5 years but only has three years left to run on receipt of the application this will be acceptable.

Any property which is classed as a House in Multiple Occupation (HMO) and is subject to a Mandatory Licensing by the Local Authority is NOT ACCEPTABLE.

For Flats in blocks over 7 storeys please refer to lender.

• The Applicant must have owned the property for a minimum of 1 year before a remortgage will be considered.

• If the first registration on the property was 2 or fewer years ago the LTV will be restricted to 65%

• Room by room letting with multiple tenancy agreements.

New build properties are acceptable subject to lending criteria being met and will be restricted to 65% LTV.

Accepted Locations : England, Scotland, Wales, N Ireland

Bank Statements 1 months

At Least 3 Months Pay Slips No

P60 No

Proof Of Residency Yes

Life Policy To Be Assigned No

Previous Lender References Yes

Buildings Conditional

Min Loan £35,000/Rmg £35,000

Max Loan £1,000,000/Rmg £1,000,000

Max Portfolio of BTL Loans £5,000,000

Min Age 21 years

Max Age none

Min Term 5 years

Max Term 25 years

Foreign Citizens Refer

Ex-Patriates Not Accepted

Rental Income must be 120% of the monthly mortgage payments

Min months in current position 6

Min months in continuous service 18

Min no. of years accounts 2

Average years taken to calculate income 2

Will consider declining profit Refer

Latest months payslip required

Clients may not need to earn a minimum income to apply for a Woolwich BTL mortgage if they meet certain criteria. Where a minimum income is required the principal applicant must earn and be able to evidence gross annual income of £20,000 increasing to £50,000 where a client has aggregate borrowing with us in excess of £2m.

Rental cover of 120% calculated on the initial pay rate of the product selected by the applicant will be required. Rental cover will be assessed initially on the anticipated rental income as detailed by the applicant, however the actual underwriting of the case will be based on the valuer's assessment of rental income (or actual rent being received if evidenced by a full certified copy of the current tenancy agreement if provided on application submission).

Rental Income must be 120% of the monthly mortgage payments

Minimum Income £20000

Hire Purchase NOT Taken into account

Personal Loans NOT Taken into account

Overdraft NOT Taken into account

Credit/Store Cards NOT Taken into account

Child Maintenance NOT Taken into account

Child Education NOT Taken into account

Extra Income:-

Other Income - Guaranteed Add 100% to income before multiply

Other Income - Regular Add 100% to income before multiply

Other Income - Irregular No

Investment Income Add 100% to income before multiply

Mortgage Subsidy Add 100% to income before multiply

Large Town Allowance Add 100% to income before multiply

Maintenance Payments Add 100% to income before multiply

Non Contributory Pension No

Car Allowance Add 100% to income before multiply

Capital Raising 75%

Home Improvements 75%

Debt Consolidation 75%

School Fees 75%

Holidays/Cars 75%

Buy Other Property 75%

Business Purposes Not accepted

Divorce Settlement 75%

Unencumbered 75%

The Applicant must have owned the property for a minimum of 1 year before a remortgage will be considered.

• If the first registration on the property was 2 or fewer years ago the LTV will be restricted to 65%