The Mortgage Works (TMW) has launched a dedicated mortgage range for larger portfolio landlords with more than 10 mortgaged buy-to-let properties and paying an enhanced procuration fee.
To reflect the additional work involved for brokers due to the more specialist nature of larger portfolio mortgage applications, an additional 0.10 percentage point gross procuration fee, on top of the standard fee, will be payable on products within the new large portfolio range.
The same will apply to the limited company products, currently being piloted by TMW.
The new dedicated larger portfolio range will offer a selection of products for purchase, remortgage and further advances, with a range of products with £995 and £0 fees at 65%, 75% and 80% loan to value (LTV). Products available will include those with free valuation and free standard legals or £250 cashback.
Paul Wootton, TMW’s managing director, said: “As part of our commitment to landlords and brokers, we recognise both the specialist needs of those landlords with larger portfolios and those using limited companies, and the extra work involved as a result for brokers supporting them.
“Along with recent improvements to our product offering, we are continuing to recognise the expertise needed in a market that has become increasingly specialised by increasing the procuration fee available.”
Rates for the remortgage two-year fixed rate products start at 2.34% at up to 65% LTV, with a £995 arrangement fee, with free standard valuation and free legals. For purchase or remortgage, rates for the up to 75% LTV product start at 2.59% with a £995 fee, free standard valuation and a £250 cashback.
For the five-year fixed rate products, for remortgage rates start at 2.79% for the up to 65% LTV product with a £995 fee, with free standard valuation and free legals.
TMW recently removed its age limit at application for experienced landlords looking to borrow up to 65% LTV and also increased the maximum LTV for buy-to-let mortgages from 75% to 80% for first time and experienced landlords.