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Woolwich Cuts Buy To Let Mortgage Rates

In an attempt to take some of the heat off the buy to let market it has been announced that Woolwich, the mortgage division of Barclays Bank, will be reducing mortgage rates by 0.5% on both standard buy to let mortgage deals and index tracker arrangements. The move is seen as a welcome lifeline to many landlords in the UK who are under pressure at the moment.

The Woolwich move is the latest rate reduction in the sector and one which has received a welcome across the board. However, while there is some relief that rates are starting to fall the banks are still insisting on higher than average deposits to take advantage of these new rates. This is to ensure that the banks have a sufficient buffer against the outstanding mortgage and the value of the property, should the client experience financial difficulties.

There are some encouraging signs in the market place but it seems as though some people are grasping at straws and looking for signs that the market has bottomed out. The markets are no where near as fluid as they were just a few months ago, but thankfully the supply of finance from the money markets does seem to be seeping back into the sector.

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