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March 2010

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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)
Andy McQueen, director of marketing at The Mortgage Works, said: “The new longer term fixes are ideal for landlords who are looking to minimise remortgage costs and fix their outgoings. A key feature of these products is that they are portable, essential at a time when interest rates are an uncertainty and circumstances may change over the longer term. The two-year tracker offers an attractive alternative as it has one of the lowest rates on the market and no ERCs, allowing partial and full repayment at the discretion of the client."


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