Woolwich has had to withdraw its buy-to-let 75% deals from the intermediary channel less than one month after raising the LTV threshold.
It says that the move is temporary after being inundated with applications from brokers, and it needs to manage its service levels.
Woolwich increased its LTV to 75% for buy-to-let on November 2. Barely a week later, on November 11, it said it needed to increase the time for assessing each case from two working days to seven.
On November 16, Woolwich hiked the borrowing rates on its 75% LTV two-year fixed rate buy-to-let product from 4.39% to 4.98%, and also by 0.5% on its life-time tracker.
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