Barclays Woolwich: Buy to Let Mortgage Guide

Fancy yourself as a landlord? With our range of BTL deals, owning your own investment property has never been easier. And we’re sure you’ll find a mortgage that’s right up your street.

The basics:

• Mortgages you don’t need a degree to understand.

• Choose to borrow in your private name (whether you are a UK Resident, Non Uk-Resident or Expatriate), as a combination of private individuals (up to 4 applicants allowed), as a Special Purpose Vehicle (SPV) Limited Company or a Limited Liability Partnership (LLP). A SPV Limited Company may be an attractive option if you’re looking for an alternative investment vehicle.

• Borrow up to 85% loan to value (based on purchase price or valuation whichever is lower) on selected products.

• Mortgages can be for 5 to 25 years.

• Choose repayments on an interest-only and/or capital repayment basis.

• We'll consider loan of £35,000 up to £2.5 million on an individual property.

• Borrow on an unlimited number of properties within our BTL cap of £5m million (subject to formal approval).

• You can choose from a range of BTL Mortgage products including Fixed, Tracker and Switch and Save® Remortgage options. See our latest deals.

• Overpayments up to 10% can be made without incurring an early repayment charge (terms and conditions apply to certain products).

• We don’t have a maximum age restriction, but you will need to be at least 21.

• All mortgages are portable so you can move your BTL mortgage to another BTL property.

Rental cover:

Your property will need to generate sufficient annual rental income to cover your annual interest mortgage payment. The rent cover we will require is 105% calculated on the initial pay rate of the product you select.

General advice:

Owning an investment property is very different to owning your own home; you’re effectively running a small business and therefore need to research, plan and manage carefully to ensure the best possible chance of success.

Remember:

• BTL should be viewed as a long-term investment opportunity - the value of property can go down as well as up.

• Ensure you thoroughly research a prospective property and seek advice from local letting agents about its suitability for letting, level of current demand and anticipated rental income. Consider potential for other letting methods.

• Consider all the costs which may be involved (such as solicitors' fees, stamp duty, letting agency and management fees, building insurance, ground rent/service charge for leasehold flats, maintenance/repairs to the property) into your calculations. • Consider the implications on your tax affairs. We recommend you consider taking professional tax advice from an accountant or discussing with your tax office. • Make provisions for how you would make your monthly BTL mortgage repayments in the event of your BTL property being empty, your tenants failing to pay or if interest rates rise. • You’ll need to arrange insurance that’s specifically for landlords. Find out more about Buy to Let insurance from Barclays.

Link to previous articles: Barclays Woolwich Mortgage Selector: Which Mortgage is right for me? Barclays Woolwich Mortgage: Property Ladder-2 Barclays Woolwich Mortgage: Property Ladder Checklist for Buying a Home Barclays Woolwich Mortgage FAQ Barclays Woolwich Remortgaging

Barclays Woolwich Remortgaging

It’s important that one understands the motive and requirements before going for remortgaging. Remortgaging requires a lot of consideration, can involve some transfer cost and hence all the cost and requirement parameters should be clearly understood before going for remortgaging. Here, we present the details of remortgaging as available from Barclays Woolwich

Remortgaging could save you money - and it may be easier than you think.

It's the process of moving your mortgage from one lender to another or choosing a different type of mortgage from your current lender. It could also cut your monthly repayments.

When should I consider remortgaging?

• If you're coming to the end of a mortgage deal and are about to move on to your lender's Standard Variable Rate.

• If your home has risen in value since you bought it, remortgaging could provide a cost-effective way of borrowing larger sums of money at lower mortgage rates of interest.

What to think about before remortgaging

Remortgaging can be a fairly straightforward process. The first step is to talk to a mortgage specialist about the wide range of mortgages available. Here are some example of the kinds of things you need to consider if you want to remortgage.

• If you're locked into a fixed-term deal with your present lender, you may be liable for an early repayment charge that could wipe out most of your potential savings. You could also be charged a fee for closing your mortgage with your old lender.

• When comparing your old mortgage with a proposed new one, make sure that you compare like with like, eg a repayment mortgage with another repayment one rather than an interest-only loan.

• If you only have a small mortgage, you might be better off sticking with your current deal, as any savings could be cancelled out by the costs.

How it works

Your mortgage lender will want to know several things when you remortgage, including the market value of your property and your current income. Most lenders will require you to have at least 10% equity in your home.

Once your remortgage application has been accepted, the lender will instruct a surveyor to visit your home to establish how much the property is worth. Do be aware that a surveyor will often value your home at a lower price than an estate agent. The whole remortgage process - from your first conversation with a mortgage specialist to starting your new mortgage contract - can take six to eight weeks. However, this should only be considered a guideline. Woolwich Switch & Save® If you're thinking about remortgaging and would like to find out what we can do for you, call our mortgage advisers on 0800 316 5500*, see our remortgaging offers or current deals for our existing customers. Customers switching from another lender can use the Woolwich Switch & Save remortgaging package with no valuation or legal costs. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Link to previous articles: Barclays Woolwich Mortgage Selector: Which Mortgage is right for me? Barclays Woolwich Mortgage: Property Ladder-2 Barclays Woolwich Mortgage: Property Ladder Checklist for Buying a Home Barclays Woolwich Mortgage FAQ Barclays Woolwich Mortgage Glossary

Barclays Woolwich: Buy to Let Mortgage

Fancy yourself as a landlord? With our range of BTL deals, owning your own investment property has never been easier. And we’re sure you’ll find a mortgage that’s right up your street.

The basics:

• Mortgages you don’t need a degree to understand.

• Choose to borrow in your private name (whether you are a UK Resident, Non Uk-Resident or Expatriate), as a combination of private individuals (up to 4 applicants allowed), as a Special Purpose Vehicle (SPV) Limited Company or a Limited Liability Partnership (LLP). A SPV Limited Company may be an attractive option if you’re looking for an alternative investment vehicle.

• Borrow up to 85% loan to value (based on purchase price or valuation whichever is lower) on selected products.

• Mortgages can be for 5 to 25 years.

• Choose repayments on an interest-only and/or capital repayment basis.

• We'll consider loan of £35,000 up to £2.5 million on an individual property.

• Borrow on an unlimited number of properties within our BTL cap of £5m million (subject to formal approval).

• You can choose from a range of BTL Mortgage products including Fixed, Tracker and Switch and Save® Remortgage options. See our latest deals.

• Overpayments up to 10% can be made without incurring an early repayment charge (terms and conditions apply to certain products).

• We don’t have a maximum age restriction, but you will need to be at least 21.

• All mortgages are portable so you can move your BTL mortgage to another BTL property.

Rental cover:

Your property will need to generate sufficient annual rental income to cover your annual interest mortgage payment. The rent cover we will require is 120% calculated on the initial pay rate of the product you select.

General advice:

Owning an investment property is very different to owning your own home; you’re effectively running a small business and therefore need to research, plan and manage carefully to ensure the best possible chance of success.

Remember:

• BTL should be viewed as a long-term investment opportunity - the value of property can go down as well as up.

• Ensure you thoroughly research a prospective property and seek advice from local letting agents about its suitability for letting, level of current demand and anticipated rental income. Consider potential for other letting methods.

• Consider all the costs which may be involved (such as solicitors' fees, stamp duty, letting agency and management fees, building insurance, ground rent/service charge for leasehold flats, maintenance/repairs to the property) into your calculations.

• Consider the implications on your tax affairs. We recommend you consider taking professional tax advice from an accountant or discussing with your tax office.

• Make provisions for how you would make your monthly BTL mortgage repayments in the event of your BTL property being empty, your tenants failing to pay or if interest rates rise.

• You’ll need to arrange insurance that’s specifically for landlords. Find out more about Buy to Let insurance from Barclays.

Ready to apply? Call 0845 075 7070* or speak to a mortgage adviser in your local Barclays branch. Please read our tariff of charges. This information must be read in conjunction with our legal information. ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. To maintain a quality service, we may monitor or record phone calls. Read call charges info.

Link to previous articles: Case Study Example: Barclays Woolwich Offset Mortgage Barclays Woolwich Offset Mortgage Barclays Woolwich Remortgaging Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home

Case Study Example: Barclays Woolwich Offset Mortgage

Case study: Sarah and Simon's story

"We've cut years and thousands of pounds off our mortgage.

"We had an £87,000 repayment mortgage and £7,000 savings. We wanted to be able to get at our savings if we needed to, but use them to our advantage in the meantime.

"So we took an Offset Mortgage. This means we offset our savings against what we owe. So we only pay interest on the difference between the two amounts: £80,000. This is saving us a total of £15,736.75** in interest on our original mortgage term, meaning we could pay it off three years and nine months early.

"The great thing is that our current, savings and mortgage accounts are still kept completely separate and we can have instant access to our savings if we need them." YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. This case history is fictitious but illustrates how this could work for you. Please read the tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. Read call charges info. ** This is only true if your savings are not touched and the interest rate remains the same throughout the term.

Link to previous articles: Barclays Woolwich Offset Mortgage Barclays Woolwich Remortgaging Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging

As available on Barclays Woolwich website

Barclays Woolwich Offset Mortgage

Looking for a bigger place or just a better mortgage deal? With our Offset Tracker you could reduce the life of your mortgage term by up to 8 years 8 months or save up to £47,772** in interest.
You benefit from a low tracker rate and get to offset your savings and current account against the total amount you owe. Take a look at our latest deal below.

Offset Tracker mortgage

• Barclays Bank Base Rate + 0.48%, currently 5.98%, for the term of the mortgage. The overall cost for comparison is 6.2% APR.

• Application fee: £595

• No early repayment charge

With Offset Tracker mortgage mortgage you can:

• Borrow up to 80% of the value of your home.

• Repay any amount without incurring an Early Repayment Charge.

• Choose to set up a Mortgage Reserve, which allows further borrowing at mortgage rates (a Mortgage Reserve is a secured overdraft that enables you to borrow against the equity in your home).

• Make overpayments.

• Make underpayments or take a payment holidays (subject to a Mortgage Reserve). Interest will be charged during the payment holiday period.

** Calculation based on the above product; repayment mortgage of £100,000 over a 25-year term that has been offset with £20,000 savings, resulting in a reduction in mortgage term of 8 years 8 months or a saving of £47,772 in overall interest. Calculation assumes balance remains constant throughout the life of the mortgage and that the mortgage loan and savings balance will vary. Outcomes will be either a reduction in payments or a reduction in mortgage term. No interest is paid on balances offset against the mortgage. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read the tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes.

Link to previous articles: Barclays Woolwich Remortgaging Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home

Barclays Woolwich Remortgaging

You've had your mortgage for a while, it's no longer competitive or your current mortgage deal is coming to an end. Does this sound like you?
If so take a look at our range of Woolwich Switch & Save® mortgages below. You could make big savings with a far better deal.

10-year fixed Remortgage Plan

5.89% until 30 April 2018, then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45% The overall cost for comparison is 6.3% APR†. More Details on Barclays Woolwich 10-year fixed Remortgage Plan….

Lifetime Tracker Remortgage Plan

Barclays Bank Base Rate + 0.47%, currently 5.97%, for the term of the mortgage. The overall cost for comparison is 6.1% APR†.More Details on Barclays Woolwich Liftime Tracker Remortgage Plan….

Mortgage Reserve

Take advantage of a Mortgage reserve - a convenient way of freeing up some cash by enabling you to borrow money at mortgage rates of interest. More Details on Barclays Woolwich Mortgage Reserve….



† Important information

Lifetime Tracker: Offers a non-disclosed valuation and either no fees for in-house legal services or £200 cashback. No application fee. No early repayment charge. Borrow up to 80% of the value of your home.

10-year fixed rate: Offers a non-disclosed valuation and either no fees for in-house legal services or £200 cashback. Application fee: £995. Early repayment charge: 6% of the balance repaid if the mortgage is repaid in whole, part or transferred to another scheme before 30 April 2018. Borrow up to 80% of the value of your home. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read our tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes.

Link to previous articles: Barclays Woolwich: Fixed Rate buyer mortgages Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home

Barclays Woolwich: Fixed Rate buyer mortgages

A fixed rate mortgage could be the perfect deal if you're unsure which way interest rates are going.

They also help if you're planning ahead or working to a budget. Fixed rate mortgages mean you know exactly what your monthly repayments will be - perfect for the control freak in you.

What the fixed rate mortgages offer:

• Fully flexible mortgages you don't need a degree to understand.

• The option of a Mortgage Reserve, allowing additional borrowing at standard variable rate.

• Subject to the availability of a Mortgage Reserve, you could apply for a payment holiday or make overpayments or underpayments.

• Choose from a range of fixed rates, subject to availability.

• The comfort of knowing how much you'll pay.

• After the fixed rate period your mortgage will switch to a competitive rate linked to the Barclays Bank Base Rate.

1-year Fix and Track

5.49% until 30 April 2009, then for the remaining term Barclays Bank Base Rate + 0.39%, currently 5.89%. The overall cost for comparison is 6.1% APR. Application fee: £995. Borrow up to 80% of the value of your home.

2-year fixed rate

6.09% until 30 April 2010, then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45%. The overall cost for comparison is 6.7% APR. Application fee: £995. Borrow up to 80% of the value of your home.

5-year fixed rate

5.95% until 30 April 2013, then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45%. The overall cost for comparison is
6.5% APR. Application fee: £995. Borrow up to 80% of the value of your home.

10-year fixed rate

5.89% until 30 April 2018 then for the remaining term Barclays Bank Base Rate + 0.95%, currently 6.45%. The overall cost for comparison is 6.3% APR. Application fee: £995. Borrow up to 80% of the value of your home.

Early Repayment Charges:

1-year Fix and Track: 1% of the balance repaid will apply if the mortgage is repaid in whole, part or transferred to another scheme until 30 April 2011. This mortgage may be switched to any Woolwich fixed, or capped rate between 1 May 2009 and 30 April 2011 subject to availability at the time, without incurring an early repayment charge on the mortgage you are leaving.

2-year fixed rate: 3% of the balance repaid will apply if the mortgage is repaid in whole, part or transferred to another scheme until 30 April 2010. However, you can overpay up to 10% per year during the fixed rate period without incurring an early repayment charge.


5-year fixed rate: 3% of the balance repaid will apply if the mortgage is repaid in whole, part or transferred to another scheme until 30 April 2013. However, you can overpay up to 10% per year during the fixed rate period without incurring an early repayment charge.

10-year fixed rate: Early repayment charge: 6% of the balance repaid will apply if the mortgage is repaid in whole, part of transferred to another scheme until 30 April 2018. However, you can overpay up to 5% per year during the fixed rate period without incurring an early repayment charge. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read our tariff of charges. This information must be read in conjunction with our legal information. • Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. Call charges Apply.

Link to previous articles: Barclays Woolwich: First-time buyer mortgages Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages

Barclays Woolwich: First-time buyer mortgages

Buying your first home can be daunting - not least taking your pick of the mortgages on offer. See our fixed rates for easier budgeting at the start of your mortgage.
At Woolwich, we offer all of our products to first time buyers, giving you maximum choice.
Barclays Woolwich current deals include:

2-year fixed rate

6.99% until 30 April 2010, thereafter reverting to the Barclays Bank Base Rate (which is variable) currently 5.50% + 0.95% = 6.45%. The overall cost for comparison is 6.8% APR.

• Borrow up to 95% of the value of your home.

• No application fee.

• Early repayment charge: 3% of the balance repaid until 30 April 2010.

Read our first-time buyer guide for help with everything from choosing the right street to securing your new home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read our tariff of charges. This information must be read in conjunction with our legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. Read call charges info.

Link to previous articles: Barclays Woolwich Mortgages: Buying your first home Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages Alliance & Leicester Mortgage Loans FAQ-1

Barclays Woolwich Mortgages: Buying your first home

Barclays Woolwich Mortgages: Buying your first home

Buying Your First Home:

Barclays is there to help you. Buying your first home can give you a lot to think about. Why not spread the load and take advantage of our experience when it comes to mortgages?

What Woolwich mortgages give you:

• Fully flexible mortgages you don't need a degree to understand.

• Plenty of choice.

• Fixed or variable rates.

• No higher lending charge (a fee sometimes charged by a lender when the amount you want to borrow is more than a given percentage of the value of the property).



Barclays Woolwich offers 2 kinds of Mortgages for first home buyers:

1. First-time buyer mortgages Great fixed rate deals to guide you gently on to the property ladder. Details of 2. Fixed-Rate Mortgages Designed so that you always know how much you'll pay each month. Details of YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Please read the tariff of charges for Barclays. This information must be read in conjunction with their legal information. * Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Calls may be monitored and/or recorded for security and training purposes. call charges will apply.

Link to previous articles: Alliance Leicester :Guide to remortgaging Alliance Leicester guide to moving home Alliance Leicester Guide: Buying your first home Guide to Alliance & Leicester Mortgages Alliance & Leicester Mortgage Loans FAQ-1 Alliance Leicester Mortgage Jargon Buster