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The Mortgage Works improves interest rates

Amanda Jarvis

November 10, 2004

The products are available with immediate effect.

Commenting on the changes, Group Communications Manager Helen Shaw said, “We have refined our mortgage range to reflect changes in the money markets. This is primarily due to a change in the perception of long term interest rates and where financial markets believe the peak of the interest rate cycle will be. Three months ago the view was that the top of this cycle could be anywhere between 5.25% and 5.75%, with economic data being released now, this view has been reduced to 4.75% – 5.00%.”

Product changes:

Status Plus Mortgages
– 2 Year Fixed, Penalty in Term – New Rate 5.25% (95% LTV)

Buy-to-Let Mortgages
(Purchase & Remortgage)
– 2 Year Fixed, extended penalty – New Rate 4.49% (80% LTV) **MARKET-LEADER**
– 2 Year Fixed, Penalty in Term – New Rate 5.69% (80% LTV)
– 3 Year Fixed, Penalty in Term – New Rate 5.69% (80% LTV)
– 5 Year Fixed, Penalty in Term – New Rate 5.69% (80% LTV)
– 2 Year Discount (1.11%), Penalty in Term – New Rate 5.59% (80% LTV)
– 3 Year Tracker (BBR+0.84%) – New Rate 5.59% (80% LTV)

(Remortgage only)
– 2 Year Fixed, extended penalty – New Rate 4.69% (80% LTV)
– 2 Year Fixed, Penalty in Term – New Rate 5.89% (80% LTV)
– 3 Year Fixed, Penalty in Term – New Rate 5.84% (80% LTV)
– 5 Year Fixed, Penalty in Term – New Rate 5.79% (80% LTV)
– 2 Year Discount (0.91%), Penalty in Term – New Rate 5.79% (80% LTV)

Self-Certification Mortgages
– 2 Year Fixed, Penalty in Term – New Rate 5.79% (75% LTV)
– 2 Year Fixed, Penalty in Term – New Rate 6.29% (85% LTV)
– 5 Year Fixed, Penalty in Term – New Rate 5.79% (75% LTV)
– 2 Year Discount (1.01%), Penalty in Term – New Rate 5.69% (75% LTV)
– 2 Year Discount (0.51%), Penalty in Term – New Rate 6.19% (85% LTV)

In addition to these product changes, The Mortgage Works also offers other market-leading mortgages including:

Buy-to-Let (Purchase & Remortgage)
– 2 Year Discount (1.86%), extended penalty – 4.84% (80% LTV)

Self-Certification
2 Year Discount (1.56%), extended penalty – 5.14% (75% LTV)


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