Woolwich offers its 75% deals via direct channel

Woolwich says it will relaunch its 75% LTV buy-to-let range through brokers as soon as it can, after relaunching the deals through its direct channel last week.

The lender was forced to pull its 75% LTV deals in November, less than a month after launching them, to manage service levels.

It suffered another setback earlier this month when its back-office system for processing buy-to-let cases crashed for two days.

The lender is rumoured to be looking to relaunch via brokers by the end of the month, but currently only offers 60% LTV through them.

A spokeswoman for the firm says: “We recognise the importance of supporting the buy-to-let market so we are reintroducing 75% LTV for these borrowers in a controlled way, beginning with our direct channels.

“We will monitor demand and make these products available to brokers as soon as we can, ensuring that the customer experience and processing times are protected.”

The new direct deals include a two-year fixed rate up to 75% LTV at 5.29%, and a two-year tracker up to 75% LTV at base plus 3.99%. Both deals carry a £3,999 fee.

Andy Young, chief executive of TBMC, says: “I think there are other ways it could have relaunched its products – it could have controlled volumes without excluding brokers. The fees on the deals are high though so it will be interesting to see if they have huge appeal.”