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TMW enhances BTL range
15 June, 2007
The Mortgage Works (TMW) has increased its maximum loan-to-value (LTV) for non-status rental calculations across it buy-to-let products.
LTVs have risen from 70% to 75% and TMW has also made a number of additions to its buy-to-let offering.
The specialist lender has launched seven- and 10-year fixed rate mortgage products, with rental calculations at 110% of pay rate up to 85% LTV, together with procuration fees of 0.60% and 0.75% respectively. In addition, 90% LTV or 100% rental cover is available on both products for an additional 1% fee. A two-year Bank Base Rate (BBR) tracker has also been launched, featuring no early repayment charges (ERCs).
Summary of products:
- Two-year BBR tracker 4.99% (arrangement fee 2.5%, min £595) - No ERCs
- Seven-year fixed 5.99% (arrangement fee 1.5%, min £595)
- Ten-year fixed 5.99% (No arrangement fee)