A new one-year fixed-rate product with a low rate of 3.49% will offer borrowers certainty around their payments during challenging economic times, with the rate then reverting to Bank Base Rate plus 2.99%.
Alternatively, buy to let borrowers who prefer variable tracker rate products can opt for a product tracking Bank Base Rate plus 1.99% for the first year, also reverting to Bank Base Rate plus 2.99% after this initial twelve-month period.
Both products have a fee of 3.5% of the mortgage amount (minimum fee £595) and early repayment charges only apply for the first year, so after twelve months borrowers can benefit from Bank Base Rate linked products with no redemption penalties payable.
Andy McQueen, managing director of The Mortgage Works, said the lender remained focused on offering borrowers a choice of products. He commented:
"These two new products will cater for both customers who are seeking to fix their payments over the next year, and those who are comfortable with their payments tracking the Bank Base Rate. With early repayments charges only applicable for the first year, customers can benefit from competitive interest rates for a year and then reassess their mortgage needs."
The two new products are not available to limited companies, and all other TMW products remain unchanged.
