Woolwich cuts rate on BTL mortgage range
The lenders BTL products of portfolio lifetime tracker rate and five year fixed rate have been lowered today following the recent reductions in their residential mortgages.
The portfolio lifetime tracker has fallen 0.4 per cent from 6.99 per cent to 6.59 per cent, with the five year fixed rate dropping 0.5 per cent from 7.49 per cent to 6.99 per cent.
The move has come about due to improvements in swap rates between lenders allowing the Woolwich to make the reductions to its mortgage range.
The rate change is seen as good news for novice property investors who have been put off from making property purchases in the current market conditions.
July 29th 2008