24 January 2014
- Lower rate products with flat fees to increase choice for landlords
- New three and five year fixed rate mortgages
- Lifetime variable rate product with no Early Repayment Charge (ERC) after six months
The Mortgage Works (TMW) is introducing five new Buy to Let products, with effect from Friday, January 24, available to both first time and experienced landlords.
TMW, which is part of the Nationwide Building Society group, is expanding its mortgage range with new two year fixed rate products at 75 per cent loan to value (LTV), with rates starting at 3.64 per cent. A remortgage option is available, benefiting from free standard valuation and legals, with a rate of 3.84 per cent. Both have an arrangement fee of £1,995.
Adding to TMW's range of Buy to Let products are new three year and five year fixed rates at 75 per cent LTV. The three year fixed rate mortgage has a rate of 4.49 per cent, while the rate for the five year fixed rate mortgage is 4.99 per cent, both with a fee of £995.
There is also a new Lifetime Variable rate, linked to the TMW Managed Rate, currently at 4.99 per cent. This product is free of an ERC after six months, providing landlords with the option of greater flexibility. This comes with an arrangement fee of £995 and is available up to 75 per cent LTV.
Henry Jordan, managing director of The Mortgage Works, said: "TMW is now expanding on its range of competitive fixed and variable rate Buy to Let products, which is great news for both experienced and first-time landlords and for those customers looking to better their standard variable rate.
"The new longer term three and five year fixed rate products can offer landlords greater payment security, whilst the new two year fixed rate products provide more choice for landlords, especially those with larger loan requirements. These changes further demonstrate our steadfast commitment to supporting landlords in the Buy to Let sector."
Notes to editors:
Applications required for all products. Details of terms and conditions are available on request.
About The Mortgage Works
The Mortgage Works (TMW) is a subsidiary of Nationwide Building Society. With over 20 years experience in the mortgage market, TMW has developed a range of innovative products and is renowned for its trademark common sense approach to mortgages.
TMW's range of specialist products is available through professional mortgage intermediaries and designed to complement the range of products available through Nationwide. With a dedicated business development and sales support team, TMW is proud to offer a first class service to its customers.