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TMW cuts stress rates for longer term buy-to-let fixes

by Kevin Rose
5 December 2018
0
New rates from Tesco Bank
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The Mortgage Works has introduced a new 10-year fixed rate product range.

It has also cut stress rates for selected longer term fixed rates and like-for-like remortgage products.

The new 10-year fixed rate range from the specialist buy-to-let arm of the Nationwide Building Society starts at 2.74% at up to 65% loan to value (LTV), with a £1,995 free, free standard valuation and £250 cashback, and with product Early Redemption Charges (ERCs) applicable for the full 10 years.

In addition, a new 10 year fixed rate product that is ERC-free after five years is being launched, which comes with a rate of 3.24% at up to 65% LTV, with a £1,995 fee, free standard valuation and £250 cashback.

Stress rates for selected longer term fixed rate products and like-for-like mortgages are also being reduced. The stress rate for the five-year fixed rate products up to 75% LTV is being reduced from 4.99% to 4.50%, while the 10-year fixed rate mortgage at up to 65% LTV is reduced from 4.99% to 4.00%, or pay rate plus 0.75%, whichever is higher.

Like-for-like remortgages over 65% LTV and up to 75% LTV will see their stress rate reduced from 5.50% to 4.99%.

Paul Wootton, managing director of The Mortgage Works (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.”

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© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

No Result
View All Result
  • MORTGAGES
    • Mortgage type
      • Discount mortgages
      • Fixed rates
      • Fee-free
      • Interest-only
      • Offset
      • Remortgages
      • Trackers
      • Variable rates
    • Conveyancing
    • First time buyers
    • Help to Buy
    • New build
    • Overseas
    • Regulation
    • Self build
    • Shared ownership
  • BRIDGING
  • BTL
    • Consumer BTL
    • HMOs
    • Limited Company BTL
  • COMMERCIAL
    • Asset finance
    • Auction finance
    • Commercial mortgages
    • Development finance
    • Invoice finance
    • SME finance
  • COVER
    • General insurance
    • Landlord insurance
    • Protection
      • Critical illness
      • Income protection
      • Group protection
      • Life cover
      • PMI
  • DEBT
  • DISTRIBUTION
  • LOANS
  • RETIREMENT
    • Equity release
      • Lifetime mortages
      • Drawdown
    • Lending into retirement
    • Pensions
    • Retirement borrowing

© 2018 Trek Publishing Limited. Website design by Bedazzled Media Limited.
Company Number 11335497. Registered Office: Butterick Building Unit K, 38 New Lane, Havant, P09 2ND

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