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Follow on Google News | Woolwich Launch Buy To Let 'fix And Track' Mortgage To Beat Swap Rate VolatilityBarclays Woolwich announce the launch of a new buy to let 'fix and track' mortgage to help beat swap rate volatility
By: Barclays Andy Gray, head of mortgages for the Woolwich (http://www.woolwich.co.uk/ The new product will also offer a ‘drop and lock’ facility whereby customers will be able to switch into another Woolwich capped or fixed rate mortgage (http://www.personal.barclays.co.uk/ Product details on the Buy to Let ‘Fix and Track’: - 1 year fixed at 5.99 per cent reverts to lifetime tracker (http://www.personal.barclays.co.uk/ - Arrangement fee of £595 - Drop and lock facility which kicks in after the first year - Rate available for mortgages up to 85 per cent of the purchase price/valuation - Early repayment charge of six months interest at the buy to let SVR or fixed rate whichever is higher until 2 October 2010. This is not payable if the drop lock facility is utilised from year two. - For customers switching from another lender Woolwich will cover legal and survey fees under the Switch & Save option - Mortgage fully portable Woolwich, which launched the short term fix and track on its residential range, is also introducing this innovative approach on its buy to let range to get around the short term hike in swap rates. The new fix and track will initially offer a 1 year fixed rate at 5.99 per cent to buy to let investors, after the first year the rate will revert to a lifetime tracker at 0.69 per cent above base. Barclays Legal Disclaimer Barclays Bank PLC authorised and regulated by the Financial Services Authority Barclays Bank PLC represents only the Legal and General Marketing Group of companies for life assurance, pensions and unit trusts Registered in England. Registered No: 10226167. Registered Office: 1 Churchill Place, London, E14 5HP Customers can find out more about all the new and existing Woolwich and Barclays mortgages (http://www.barclays.co.uk/ For more Barclays Woolwich PR information contact Emma Austin Retail Banking PR Manager The Woolwich Watling Street Bexleyheath Kent DA6 7RR Tel: +44 (0)20 7116 6145 http://www.woolwich.co.uk/ Website: www.woolwich.co.uk/ End
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