TMW launches 15-year BTL deal

David French

February 23, 2008

The deal is part of a product refresh which sees six BTL and four self-cert products added to the lender’s range.

The BTL products are offered with a maximum loan-to-value (LTV) of 85 per cent and with rates ranging from 4.99 per cent for a two-year loan with a 2.75 per cent fee, to three-year fixes with a rate of 5.73 per cent and a 1.5 per cent fee, or a rate of 6.24 with no fee.

The 15-year fixes are offered at 5.99 per cent without a fee, with or without rental cover of 110 per cent.

Within the self-cert range there are three-year fixes offered from 5.79 per cent at 75 per cent LTV, or 6.49 per cent up to 85 per cent LTV. The five-year fixes are offered at either 5.79 per cent for 75 per cent LTV or at 6.29 per cent for 85 per cent LTV.

Andy McQueen, managing director of TMW, commented: “Following the success of our 10-year fixed rate product range, it became apparent there was demand among landlords for longer-term payment security.

“To give these customers even more options, we are delighted to be able to launch a 15-year product at the same rate as our 10-year offering.”

Jonathan Barnett, director of All Mortgage Matters, said: “I believe the 15-year mortgage rates are there for the professional landlord who is in the BTL market for the long term.

“TMW tend to target the portfolio client who needs to release equity from the property along the way and I wonder whether they can do that with this deal.”

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