Submitted on Wednesday 08th October 2008
TMW launch new rates
The Mortgage Works, a subsidary of Nationwide Building Society relaunched their product range today after closing for a week to allow their people to catch up. This is good news, as there are currently few lenders offering competitive buy to let mortgages.
Product highlights include
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5.49% 2 year fixed until 31/01/2011 with 3.25% fee
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5.59% 2 year tracker until 31/01/2011 with 2.5% fee and no ERC
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5.99% 5 year fixed until 31/01/2014 with 2.5% fee
The Mortgage Works criteria
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TMW are the only buy to let lender currently accepting applications from limited companies (not available on all products)
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Maximum loan size per property is £350k at 75% LTV / £1m at 65% LTV / £1.5m at 50% LTV
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Maximum aggregate loan size per client: £1.5m at 75% LTV and £5m at 65% LTV
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They will lend on new build houses but not on flats built or structurally altered within the last 12 months
The buy to let market is currently fast-moving, with products being withdrawn and re-priced on a daily basis, often at very little notice. This is partly due to the lack of lenders in the market, as when a competitive product is launched, the available funds get used very quickly by those looking to remortgage.
With this in mind, we advise clients that these products may not be available for long and recommend applying sooner rather than later. Lenders are taking on more business than usual at the moment, so processing and completion times will be longer.
