Woolwich is the brand name used by Barclays for its mortgage products and services. Having acquired the Woolwich building society in 2000, Barclays subsequently closed or rebranded all Woolwich branches and migrated all Woolwich accounts in 2007.
Woolwich offers a range of mortgages including fixed-rate, tracker, offset, buy-to-let, family springboard, help-to-buy and the government’s NewBuy scheme mortgages.
Woolwich tries to encourage business with intermediaries by offering advisers the potential to earn up to three procuration fees from one client. The fee eligibility is based on a scenario in which the client takes a Woolwich mortgage, activates the switch and fix facility, and switches to a different product upon maturity of the previous fixed rate.
The mortgage provider is part of the Buy to Let Business Mortgage Club panel of lenders. Members of the club are given access to buy-to-let products at 60 and 75 per cent LTV tiers with maximum loan sizes of £1m.
Woolwich is limiting the loan-to-value at 50 per cent and increasing the minimum level of equity to £300,000 in an attempt to tighten its interest-only criteria for borrowers who want to use the sale of a property as a repayment vehicle.