TMW cuts rates and launches products

Nia Williams

September 15, 2010

The changes include launching new 75% LTV first-time landlord and let-to-buy products and rate reductions of up to 0.60%.

The key changes to the buy-to-let products are:

  • New 75% LTV first-time landlord and let-to-buy products.
  • Rate improvements of up to 0.60% on selected fixed rate products.
  • Zero arrangement fee options across 2, 3 and 5 year mortgages. New flat arrangement fee products also available.
  • The introduction of a 4.99% managed rate lifetime variable product now available at 75% LTV.
  • £1,000 cashback for let-to-buy and first-time landlords.
  • A new two-year stepped tracker product with an initial rate of 2.99% (BBR + 2.49%).
  • A reduction by up to 0.20% on selected two-year fixed rate products across the first-time landlord, light refurbishment, let-to-buy and core product ranges.

The key enhancements to the residential prime mortgage range are:

  • Rate reductions of up to 0.60% on selected house purchase products with free valuation or cashback.
  • Capped tracker rates reduced by up to 0.30%.
  • New step down trackers available with 1% arrangement fees.

At the same time, TMW is streamlining its range of residential prime and guarantor products to make it easier for brokers to find the right product for their clients’ needs.

Commenting, Andy McQueen, Nationwide’s director responsible for mortgages, said: “Added to the enhancements we made on 1 September, these new changes will further strengthen our product offering in the buy-to-let, residential prime and guarantor markets. By making these changes, we believe we’re offering the increased clarity, variety and flexibility needed to ensure that intermediaries can satisfy the ever changing needs of their clients.”

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