TMW slashes rates

Yuan Phoon

August 15, 2011

The changes come into effect tomorrow and will be exclusive to intermediaries.

Highlight changes to the range include a 2-year fixed rate for house purchase and remortgage at 2.24% with a 1.5% arrangement fee available up to 70% loan to value.

For a fixed arrangement fee of £595 there is a 2-year fixed rate for house purchase at 2.99% available up to 70% LTV.

A 2-year tracker is also available at bank base rate +1.49% with a 1.5% arrangement fee available up to 70% LTV.

TMW will also introduce a 5-year tracker at bank base rate +2.49% with a £995 fee up to 75% LTV

Selected arrangement fees across the range have been reduced by 0.50%.

A TMW spokesman said: “These exciting changes further enhance our commitment to delivering intermediaries and their customers even greater value.

“For example, with the extension of overpayments on all products to 20%, customers will now be able to overpay more of their mortgage, which could be appealing in the low interest rate environment.

“What’s more, with the rate improvements and new products, brokers and their customers will now have an even better range from which to choose.”

David Hollingworth, head of communications at London & Country Mortgages, said: “Customers are always pleased to see interest rates cut and the more competitive mortgage market is great news for borrowers.

“TMW’s generous overpayment facility of 20% per annum without any early repayment charge is double the typical allowance.

“It’s a feature that will prove attractive to those borrowers looking to make the most of the low rate environment by eating into their debt more rapidly through overpayments.”

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