Woolwich has introduced a minimum application fee of £1,000 to all buy-to-let borrowers applying for its Standard Variable Rate.

It said that the 1% application fee must be paid at the time of the application. The lender has also increased rates on its buy-to-let product range with effect. It also increased rates on its 5-year buy-to-let fixed rate from 6.39% to 6.89%. In addition, it increased its application fee from £995 to a minimum of £1,500. Loan-to-value ratios remained at 75%, with the minimum loan size being £50,000.

Woolwich has withdrawn its lifetime tracker +0.89%, and its 2 and 5-year fixed rate is at 6.39%.