Woolwich simplifies buy-to-let proposition

Woolwich, the mortgage-lending arm of Barclays, claims to have improved its buy-to-let proposition by simplifying documentation requirements for the products.

For loans up to £500,000 with a maximum loan-to-value (LTV) of 75 per cent, proof of income will no longer be required.

Buy-to-let mortgages which are above this LTV level or where the amount of borrowing is between £500,001 and £1 million, the most recent payslip and personal bank statement belonging to the principal applicant will be required.

There will be no documentation needed from second and subsequent applicants and a copy of the letting agreement is also no longer necessary.

Andy Gray, head of mortgages for Woolwich, said: “Our simplified lending policy builds on the changes we made in September to rental calculation.

“With today’s improvements we think we now have a market-leading proposition which shows our commitment to this market.”

Woolwich buy-to-let mortgages require rental cover of 125 per cent and will consider loans on individual properties of up to £2.5 million.