Lender cuts rates on buy-to-let mortgages

Posted: 30 Jul 2008 13:33:00 GMT

Property investors will be pleased to learn that one of the high street's biggest lenders has announced that is will be cutting interest rates on its buy-to-let mortgages.

Woolwich announced that it has cut its portfolio lifetime tracker mortgage by 0.40 percentage points, and its five-year fixed-rate mortgage is reduced by 0.50 percentage points.

The new rates are available now and the lender says that it is good news for the less experienced buy-to-let investor who may have been deterred by the recent credit conditions.

Commenting on the reason for the cuts, Andy Gray, head of mortgages for Woolwich, said: "We've been able to make these reductions thanks to solid improvements in SWAP rates."

He continued: "Thanks to these improvements, last week we launched market leading fixed and tracker residential mortgages. Now better SWAP rates have enabled us to substantially reduce rates on some of our most popular buy-to-let mortgages."

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