TMW launches 10-year fix and reduces stress rates

Ryan Bembridge

December 5, 2018

The Mortgage Works has launched a 10-year fix and cut stress rates for some longer-term fixed rates and like-for-like remortgage products.

The 10-year fix range starts at 2.74% to 65% loan-to-value with a £1,995 fee, a free standard valuation and £250 cashback, with ERCs for the 10 full years.

Another option, which is ERC-free after five years, has a rate of 3.24% to 65% LTV with a £1,995 fee, a free standard valuation and £250 cashback.

Paul Wootton (pictured), managing director of TMW, said: “The new 10 year fixed rate products offer competitive rates and a choice of ERCs to widen choice and increase flexibility for landlords, who are looking to manage their cashflow while maintaining long term payment security.

“Along with recent improvements to our product proposition, this further illustrates TMW’s continued commitment to supporting brokers and landlords.”

Stress rates for selected longer-term fixed rate products and like-for-like mortgages are also being reduced.

The stress rate for the 5-year fixed rate products to 75% LTV is being reduced from 4.99% to 4.50%, while the 10-year fix to 65% LTV is reduced from 4.99% to 4.00%, or pay rate plus 0.75%, whichever is higher.

Stress tests on like-for-like remortgages over 65% LTV and up to 75% LTV are reduced from 5.50% to 4.99%.

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