Woolwich launches B2L fix and track mortgage

Woolwich has launched a buy-to-let range to get around the short term hike in swap rates.

The new fix and track will initially offer a one-year fixed rate at 5.99% to buy-to-let investors, after the first year the rate will revert to a lifetime tracker at 0.69% above base rate.

This rate is available for mortgages up to 85% LTV. For customers switching from another lender, Woolwich will cover legal and survey fees under its Switch Save option.

Andy Gray, head of mortgages for the Woolwich, says: “Swap rates have reached their highest levels since 2000 over the last two weeks as the chances of base rates increasing over the next couple of months become reality.

“Most forecasters in the short term expect at least one more rise of 0.25% in base rates, and some expect two, before stabilising or falling back in 2008.

“Therefore the one-year fix and track will give buy-to-let investors the stability they need over the next year whilst allowing them to take full advantage of any fall in interest rates with a competitively priced follow-on lifetime tracker.”