TMW cuts selected rates

Ryan Fowler

October 30, 2019

The Mortgage Works is reducing selected 5-year fixed rate mortgages by up to 0.15% and selected 2-year fixed rates by 0.35%.

The 5-year fixed rate product up to 50% loan-to-value (LTV) is now 1.79%, down from 1.94%. The 65% LTV product is reduced to 1.99%, from 2.04%, while the 5-year fixed rate up to 75% is down to 2.09%, from 2.14%. All these products come with a £1,995 fee.

The 2-year fixed rate up to 75% with a £1,995 fee is reduced to 2.04%, from 2.09%. On 80% LTV, the 2-year fixed rates are down to 2.99%, from 3.24% (with a 2% fee); down to 3.49%, from 3.84% (with a £995 fee) and reduced to 3.99%, from 4.19% (with a £0 fee).

The selected rate reductions apply to both purchase and remortgage buy to let mortgage products, which also come with a choice of benefits, including free valuation, free legal fees and £250 cashback.

While for those with a limited company mortgage, rates for 2-year fixed rate products at up to 80% LTV, start at 4.09%, reduced from 4.19%, and with a £0 fee and free valuation.

And, for those looking for a further advance, 2-year fixed rates up to 80% LTV, are reduced by 0.20% to 3.49% (with a 1% fee) and to 3.99% (with a £0) fee.

TMW is also increasing the rates on its 2-year tracker range by up to 0.25%.

Henry Jordan, director of mortgages at TMW, said: “We aim to offer a wide range of options for landlords and by making these changes, our mortgage rates remain highly competitive, making it more attractive for landlords to obtain their mortgage with TMW.

“And, by offering our lowest ever 5-year fixed rate mortgage, we are further supporting landlords who want to manage their cashflow over the long-term.”

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