The new enhancement includes new lifetime variable rate products, an early repayment charge (ERC) free tracker and 80% loan to value (LTV) remortgage products with free standard valuation and free standard legal fees.
The key changes to the buy-to-let products are:
- The introduction of a one-year tracker with no ERCs, offering landlords more flexibility with the potential to repay early without facing any charges.
- New 80% LTV products available with free standard valuation and free standard legal fees, and a new flat arrangement fee product.
- The launch of Lifetime Variable mortgage products with ERCs until 31 May 2011.
- Competitive one year fixed and trackers available at 60% and 70% LTV, with rates starting from 2.99%.
- The launch of a new five-year fixed rate mortgage at a rate of 5.79%, with 3.5% arrangement fee.
Tracie Pearce, head of products for The Mortgage Works said: “These changes will give professional and first time landlords even greater value, choice and flexibility. We are delighted to be able to provide intermediaries with an even wider range of options to suit the varying needs of their buy to let clients.”