TMW launches stepped BTL loans

Nia Williams

February 4, 2010

The rates start at Base Rate + 4.14% (4.64%), stepping down to Base Rate + 2.14% (2.64%) in the second year.

The Mortgage Works has also made selected changes across its product range:

* Let-to-buy range extended to 70% LTV, previously 65% LTV, and the introduction of a new 2 year tracker rate at 3.99%, with a 3.50% fee.

* New 1 year buy-to-let fixed rate at 3.99%, with a 3.00% fee.

* 3 year buy-to-let fixed rate with 1.50% fee reduced from 6.24% to 5.99%.

Tracie Pearce, strategic product marketing manager, The Mortgage Works, said: “We want to offer our customers choice and flexibility when choosing a mortgage product. The new range features stepped buy-to-let tracker products with rates from Bank of England Base Rate + 4.14% (4.64%), stepping down to Bank of England Base Rate + 2.14% (2.64%) in the second year. These products are unique to the buy-to-let market, designed to help landlords budget against potential base rate increases.”

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